Instructions For Form 5498-Esa (2015)
ADVERTISEMENT
12015
Department of the Treasury
Internal Revenue Service
Instructions for Form
5498-ESA
Coverdell ESA Contribution Information
Section references are to the Internal Revenue Code unless
Family member. Family members of the designated
otherwise noted.
beneficiary include the beneficiary's spouse. Also included are
the beneficiary's children, stepchildren, foster children, and their
Future Developments
descendants; siblings and their children; parents, their siblings,
and ancestors; stepparents; in-laws; the spouse of any of the
For the latest information about developments related to Form
foregoing; and any first cousin of the designated beneficiary.
5498-ESA and its instructions, such as legislation enacted after
they were published, go to
Total distribution, no contributions. Generally, if a total
Reminder
distribution was made from an account during the year and no
contributions (including rollovers) were made for that year, you
In addition to these specific instructions, you should also use the
do not need to file Form 5498-ESA.
2015 General Instructions for Certain Information Returns.
Distributions. Report distributions from any Coverdell ESA on
Those general instructions include information about the
Form 1099-Q, Payments From Qualified Education Programs
following topics.
(Under Sections 529 and 530). Any change in the beneficiary of
Who must file (nominee/middleman).
the Coverdell ESA is not treated as a distribution if the new
When and where to file.
beneficiary is a family member (see above) of the prior
Electronic reporting requirements.
beneficiary and has not reached the age of 30 (except for a
Corrected and void returns.
beneficiary with special needs).
Statements to recipients.
Statements to participants. If you are required to file Form
Taxpayer identification numbers.
5498-ESA, you must furnish a statement to the beneficiary
Backup withholding.
(participant) by May 2, 2016.
Penalties.
Other general topics.
For more information about the requirement to furnish
statements to participants, see part M in the 2015 General
You can get the general instructions at
Instructions for Certain Information Returns.
form5498esa
or by calling 1-800-TAX-FORM (1-800-829-3676).
Truncating beneficiary’s identification number on payee
statements. Pursuant to Treasury Regulations 301.6109-4, all
Specific Instructions
filers of this form may truncate a beneficiary’s identification
number (social security number (SSN), individual taxpayer
File Form 5498-ESA, Coverdell ESA Contribution Information,
identification number (ITIN), adoption taxpayer identification
with the IRS by May 31, 2016, for each person for whom you
number (ATIN), or employer identification number (EIN)) on
maintained any Coverdell education savings account (ESA)
payee statements. Truncation is not allowed on any documents
during 2015.
the filer files with the IRS. A trustee or issuer's identification
number may not be truncated on any form. See part J in the
A Coverdell education savings account is a trust or custodial
2015 General Instructions for Certain Information Returns.
account created or organized in the United States exclusively for
the purpose of paying the qualified education expenses of an
Account number. The account number is required if you have
individual who is the designated beneficiary of the trust or
multiple accounts for a recipient for whom you are filing more
custodial account. The account must be designated as a
than one Form 5498-ESA. Additionally, the IRS encourages you
Coverdell ESA at the time it is created or organized in order to
to designate an account number for all Forms 5498-ESA that
be treated as a Coverdell ESA for tax purposes. The governing
you file. See part L in the 2015 General Instructions for Certain
instrument creating the trust must meet the requirements of
Information Returns.
section 530(b)(1).
Box 1. Contributions (Other Than Amounts in
Contributions. You must report contributions, including rollover
Box 2)
contributions, to any Coverdell ESA on Form 5498-ESA. See the
instructions under box 1 and box 2. If no reportable contributions
Enter contributions to a Coverdell ESA made from January 1,
were made for 2015, no return is required.
2015, through April 18, 2016, designated for 2015.
For contributions made between January 1, 2016, and April
Do not include rollovers in box 1. Report rollovers in
18, 2016, trustees and issuers should obtain the participant's
box 2.
designation of the year for which the contributions are made.
Rollovers and transfers. Report on Form 5498-ESA all
Box 2. Rollover Contributions
rollovers, including a direct trustee-to-trustee transfer from one
Enter any rollover contributions (including a military death
Coverdell ESA to another Coverdell ESA. A rollover can be
gratuity and trustee-to-trustee transfer) to this Coverdell ESA
made from certain U.S. Savings Bonds or another Coverdell
received by you during 2015 (see
Rollovers and
transfers,
ESA. The contribution of a military death gratuity to a Coverdell
earlier).
ESA is a rollover contribution. Any amount distributed from a
Coverdell ESA may be rolled over to another Coverdell ESA and
is not taxable if it is for the benefit of the same beneficiary or a
member of the beneficiary's family.
Sep 23, 2014
Cat. No. 34006Q
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial