File IRS Form 5498-ESA Electronically
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What is Form 5498-ESA?
Form 5498-ESA is to be filed with the IRS for each beneficiary whom you handle a Coverdell Education Savings Accounts (ESA).
Who is the beneficiary of a Coverdell ESA?
It's the student. Not the person, who is contributing money to the student's account. For the student to qualify as a beneficiary, a Coverdell ESA must be established before the student reaches 18 years old. The account must be designated as a Coverdell from the start, not rolled over from another kind of savings account.
Form 5498 ESA shows all contributions as well as rollover contributions to a Coverdell Education Savings Account. You need to send the copy to the participants who made contributions to their respective accounts in the preceding tax year.
Usually, if a total distribution was made from an account with no contributions (including rollovers) for that year, then you do not need to file Form 5498-ESA.
Form 5498-ESA Filing Deadline
You must E-file Form 5498-ESA to the IRS by May 31, 2019 and must furnish a copy to IRA beneficiary by April 30, 2019 following the tax year you managed the account.
How to File Form 5498-ESA?
The IRS requires that all trustees file Form 5498-ESA online through an approved e-file provider. You can e-file IRS Form 5498-ESA, IRA Coverdell ESA Contribution & Rollover Information, online to the IRS with ExpressIRSForms.
To e-file IRS Form 5498-SA, simply:
- Create an account with ExpressIRSForms
- Choose "Form 5498-ESA"
- Enter Trustee's or Issuer's Details
- Enter Beneficiary Details
- Enter IRA & Rollover Contribution Information
- Review, Pay, & Transmit the Form 5498-ESA directly to the IRS
ExpressIRSForms is an IRS-authorized e-file provider that allows you to e-file Form 5498-ESA in a matter of minutes!
Information Required to File Form 5498-ESA
The following information is needed to report Form 5498-ESA to the IRS:
- Trustee/Issuer's Information (Name, TIN, Address, and Contact Information)
- Beneficiary’s Information (Name, TIN, Address, and Contact Information)
- Coverdell ESA Contribution Details
- Rollover Contribution Details
Form 5498-ESA Filing Penalties
Failing to file a complete, correct Form 5498-ESA by the deadline without a reasonable excuse can lead to IRS penalties.
You can also receive a penalty if you:
- Fail to file forms
- Paper file when you're required to e-file
- File a form with information missing
- File incorrect information
- Report an incorrect federal ID number or social security number
IRS penalties are based upon when you ultimately file a corrected return.
Form 5498-ESA Extensions
If for some reason you believe you won't be able to file your Form 5498-ESA by the deadline, you can apply for an automatic 30-day extension of time to file by submitting Form 8809. Form 8809 can be e-filed right from your ExpressIRSForms account in no time!