File 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.
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Due to COVID-19 Form 5498 filing and furnishing the forms Deadline postponed to August 31, 2020
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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!
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