Form 5498-Esa - Coverdell Esa Contribution Information - 2014 Page 4
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6Instructions for Beneficiary
The information on Form 5498-ESA is furnished to you by
If the total contributions made to all your Coverdell ESAs
the trustee or issuer of your Coverdell education savings
for 2014 exceeded $2,000, you must withdraw the excess,
account (ESA) by April 30, 2015. Form 5498-ESA reports
plus earnings, by June 1, 2015, or you may owe a penalty.
contributions and rollover contributions made for you for
You must keep track of your Coverdell ESA basis
2014. For more information about Coverdell ESAs, see
(contributions and distributions).
Pub. 970, Tax Benefits for Education.
Box 2. Shows any rollover (including a direct rollover and
Beneficiary's identification number. For your protection,
contribution of a military death gratuity) you made in 2014.
this form may show only the last four digits of your social
Generally, any amount rolled over from one Coverdell ESA
security number (SSN), individual taxpayer identification
to another Coverdell ESA for the benefit of the named
number (ITIN), or adoption taxpayer identification number
beneficiary or a member of the beneficiary’s family who is
(ATIN). However, the issuer has reported your complete
under age 30 (except for a beneficiary with special needs)
identification number to the IRS and, where applicable, to
is not taxable.
state and/or local governments.
Future developments. For the latest information about
Account number. May show an account or other unique
developments related to Form 5498-ESA and its
number the trustee/issuer assigned to distinguish your
instructions, such as legislation enacted after they were
account.
published, go to
Box 1. Shows Coverdell ESA contributions made in 2014
and through April 15, 2015, for 2014, on your behalf. Do
not deduct these amounts on your income tax return.
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