Form 5498-Esa - Coverdell Esa Contribution Information - 2016 Page 3
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5Instructions for Beneficiary
If the total contributions made to all your Coverdell ESAs
The information on Form 5498-ESA is furnished to you by
for 2016 exceeded $2,000, you must withdraw the excess,
the trustee or issuer of your Coverdell education savings
plus earnings, by May 31, 2017, or you may owe a penalty.
account (ESA) by May 1, 2017. Form 5498-ESA reports
You must keep track of your Coverdell ESA basis
contributions and rollover contributions made for you for
(contributions and distributions).
2016. For more information about Coverdell ESAs, see
Pub. 970.
Box 2. Shows any rollover (including a direct rollover and
contribution of a military death gratuity) you made in 2016.
Beneficiary's identification number. For your protection,
Generally, any amount rolled over from one Coverdell ESA
this form may show only the last four digits of your social
to another Coverdell ESA for the benefit of the named
security number (SSN), individual taxpayer identification
beneficiary or a member of the beneficiary’s family who is
number (ITIN), adoption taxpayer identification number
under age 30 (except for a beneficiary with special needs)
(ATIN), or employer identification number (EIN). However,
is not taxable.
the issuer has reported your complete identification
number to the IRS.
Future developments. For the latest information about
developments related to Form 5498-ESA and its
Account number. May show an account or other unique
instructions, such as legislation enacted after they were
number the trustee/issuer assigned to distinguish your
published, go to
account.
Box 1. Shows Coverdell ESA contributions made in 2016
and through April 18, 2017, for 2016, on your behalf. Do
not deduct these amounts on your income tax return.
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