Instructions For Form 5498-Esa - 2017
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1
22017
Department of the Treasury
Internal Revenue Service
Instructions for Form
5498-ESA
Coverdell ESA Contribution Information
Section references are to the Internal Revenue Code
Contributions. You must report contributions, including
unless otherwise noted.
rollover contributions, to any Coverdell ESA on Form
5498-ESA. See the instructions under box 1 and box 2. If
Future Developments
no reportable contributions were made for 2017, no return
For the latest information about developments related to
is required.
Form 5498-ESA and its instructions, such as legislation
For contributions made between January 1, 2017, and
enacted after they were published, go to
April 17, 2018, trustees and issuers should obtain the
form5498esa.
participant's designation of the year for which the
Reminder
contributions are made.
Rollovers and transfers. Report on Form 5498-ESA
In addition to these specific instructions, you should also
all rollovers, including a direct trustee-to-trustee transfer
use the 2017 General Instructions for Certain Information
from one Coverdell ESA to another Coverdell ESA. A
Returns. Those general instructions include information
rollover can be made from certain U.S. Savings Bonds or
about the following topics.
another Coverdell ESA. The contribution of a military
Who must file (nominee/middleman).
death gratuity to a Coverdell ESA is a rollover
When and where to file.
contribution. Any amount distributed from a Coverdell
Electronic reporting requirements.
ESA may be rolled over to another Coverdell ESA and is
Corrected and void returns.
not taxable if it is for the benefit of the same beneficiary or
Statements to recipients.
a member of the beneficiary's family.
Taxpayer identification numbers.
Family member. Family members of the designated
Backup withholding.
beneficiary include the beneficiary's spouse. Also
Penalties.
included are the beneficiary's children, stepchildren, foster
Other general topics.
children, and their descendants; siblings and their
children; parents, their siblings, and ancestors;
You can get the general instructions at
General
stepparents; in-laws; the spouse of any of the foregoing;
Instructions for Certain Information Returns
or
and any first cousin of the designated beneficiary.
form5498esa.
Total distribution, no contributions. Generally, if a
Specific Instructions
total distribution was made from an account during the
year and no contributions (including rollovers) were made
File Form 5498-ESA, Coverdell ESA Contribution
for that year, you do not need to file Form 5498-ESA.
Information with the IRS for each person for whom you
maintained any Coverdell education savings account
Distributions. Report distributions from any Coverdell
(ESA) during 2017.
ESA on Form 1099-Q, Payments From Qualified
Education Programs (Under Sections 529 and 530). Any
A Coverdell ESA is a trust or custodial account created
change in the beneficiary of the Coverdell ESA is not
or organized in the United States exclusively for the
treated as a distribution if the new beneficiary is a family
purpose of paying the qualified education expenses of an
member (see above) of the prior beneficiary and has not
individual who is the designated beneficiary of the trust or
reached the age of 30 (except for a beneficiary with
custodial account. The account must be designated as a
special needs).
Coverdell ESA at the time it is created or organized in
Statements to participants. If you are required to file
order to be treated as a Coverdell ESA for tax purposes.
Form 5498-ESA, you must furnish a statement to the
The governing instrument creating the trust must meet the
beneficiary (participant) by April 30, 2018.
requirements of section 530(b)(1).
For more information about the requirement to furnish
Online fillable form. Due to the very low volume of
statements to participants, see part M in the 2017 General
paper Forms 5498-ESA received and processed by the
Instructions for Certain Information Returns.
IRS each year, this form has been converted to an online
fillable format. You may fill out the form, found online at
Truncating beneficiary’s taxpayer identification
form5498esa, and send Copy B to the
number on payee statements. Pursuant to Treasury
recipient. For filing with the IRS, follow the applicable
Regulations 301.6109-4, all filers of this form may truncate
procedures for filing electronically if you are filing 250 or
a beneficiary’s taxpayer identification number (social
more forms. For Form 5498-ESA only, if you are filing this
security number (SSN), individual taxpayer identification
form on paper, you may send in the black and white Copy
number (ITIN), adoption taxpayer identification number
A with Form 1096 that you print from the IRS website.
(ATIN), or employer identification number (EIN)) on payee
Sep 22, 2016
Cat. No. 34006Q
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