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What Information is Required to E-File Form 5498-ESA Online?
- Trustees or Issuers’ Details: Name, TIN, Address, and Contact Information
- Beneficiary’s Details: Name, TIN, Address, and Contact Information
- Coverdell ESA Contribution Information
- Rollover Contribution Information
Are you ready to file your 5498-ESA Form? Get started with your free TaxBandits account!
How To Electronically File
Form 5498-ESA Online?
- Create a FREE account with TaxBandits
- Select “Form 5498-ESA”
- Enter Trustee’s or Issuer’s Details (Name, TIN, Address)
- Enter Beneficiary Details (Name, TIN, Address)
- Enter Coverdell ESA contributions Information
- Enter Rollover contributions Information
- Review, Pay & Transmit Form 5498-ESA directly to the IRS.
While filing your Form 5498-ESA return with TaxBandits, you also have the option of postal mailing copies to beneficiaries. Simply select the “Postal Mail” option and we will take care of the rest!
Frequently Asked Questions
What is Form 5498-ESA?
Form 5498-ESA, Coverdell Education Savings Accounts (ESA) Contribution Information, with the IRS for each person that maintained any Coverdell Education Savings Account (ESA) during the year.
A Coverdell ESA is a trust or custodial account created or organized exclusively to pay the qualified education expenses of an individual who is the designated beneficiary of the trust or custodial account. The individual referred to as the “designated beneficiary” is the person on whose behalf the ESA is set.
Generally, if a total distribution was made from an account with no contributions (including rollovers) for that year, then you do not need to
file Form 5498-ESA. To learn more about Form 5498-ESA, visit irs.gov.
When is Form 5498-ESA E-Filing Deadline for 2021 Tax Year?
The Form 5498-ESA due to the designated beneficiary is by May 31, 2022.
The deadline for E-filing Form 5498-ESA with the IRS is May 31, 2022.
Learn more about the 2021 Form 5498 ESA deadline.
What Happens If My Contributions Exceed The Limit?
If the contribution exceeds more than the annual allowable amount into an ESA, unless the extra contributions are removed by June 1st of the following tax year, a yearly excess contribution penalty of 6% will be assessed to the exceeded amount for each year until the excess contribution is either removed or re-designated.
To remove an excess contribution, the customer should complete the ESA Distribution Request Form. Once removed, the customer will not receive an amended Form 5498-ESA but IRS Form 1099-Q will be issued instead to report the removal of the excess contribution.