Instructions For Form 5498-Esa - Coverdell Esa Contribution Information

Instructions For Form 5498-Esa - Coverdell Esa Contribution Information - 2007

Instructions for Beneficiary

The information on Form 5498-ESA is furnished to you

If the total contributions made to all your Coverdell

by the trustee or issuer of your Coverdell education

ESAs for 2007 exceeded $2,000, you must withdraw

savings account (ESA) by April 30, 2008. Form

the excess, plus earnings, by May 31, or you may owe

5498-ESA reports contributions and rollover

a penalty. You must keep track of your Coverdell ESA

contributions made for you for 2007. For more

basis (contributions and distributions).

information about Coverdell ESAs, see Pub. 970, Tax

Box 2. Shows any rollover, including a direct rollover,

Benefits for Education.

you made in 2007. Generally, any amount rolled over

Account number. May show an account or other

from one Coverdell ESA to another Coverdell ESA for

unique number the trustee/issuer assigned to

the benefit of the named beneficiary or a member of

distinguish your account.

the beneficiary’s family who is under age 30 (except for

a beneficiary with special needs) is not taxable.

Box 1. Shows Coverdell ESA contributions made in

2007 and through April 15, 2008, on your behalf. Do

not deduct these amounts on your income tax return.

Instructions For Form 5498-Esa - Coverdell Esa Contribution Information - 2007