2024 Form 5498-ESA-2025

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Form 5498-ESA is a document used to report contributions and rollover contributions made to Coverdell Education Savings Accounts (ESAs) for the year 2024. It includes information about the trustee or issuer, beneficiary details, and contribution amounts. The form must be filed with the IRS and provided to the beneficiary by April 30, 2025. It also outlines important tax implications and requirements regarding excess contributions.

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Do I need to report form 5498 on my taxes?

You arent required to do anything with Form 5498 because its for informational purposes only. Please be sure to keep this form for your records as youll need this information to calculate your taxable income when you decide to take distributions from your IRA.

What is a 5498-ESA form used for?

Form 5498-ESA is used to report contributions and rollovers made to a Coverdell Education Savings Account for a given tax year.

Do I report ESA on taxes?

Coverdell Education Savings Account (ESA) Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiarys qualified education expenses at an eligible institution.

Why did I receive a form 5498?

Form 5498 is used by financial institutions to report contributions, rollovers, and the fair market value of your IRA to the IRS. While you dont need to file it with your taxes, understanding it is crucial for tracking your retirement savings and ensuring compliance with IRS rules.

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