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7272
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OMB No. 1545-1815

Form 5498-ESA
2024
Coverdell ESA Contribution Information

Copy A For Internal Revenue Service Center

File with Form 1096. 

For Privacy Act and Paperwork Reduction Act Notice, see the 2024 General Instructions for Certain Information Returns.

TRUSTEE'S or ISSUER'S name, street address, city or town, state or province, country, and ZIP or foreign postal code ----
TRUSTEE'S/ISSUER'S TIN ----
BENEFICIARY'S TIN ----
BENEFICIARY'S name ----
Street address (including apt. no.) ----
City or town, state or province, country, and ZIP or foreign postal code ----
Account number (see instructions) ----
1 Coverdell ESA contributions $ ----
2 Rollover contributions $ ----
Form 5498-ESA
Cat. No. 34011J
www.irs.gov/Form5498ESA
Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page - Do Not Cut or Separate Forms on This Page

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-- CORRECTED
OMB No. 1545-1815

Form 5498-ESA
2024
Coverdell ESA Contribution Information

Copy B For Beneficiary

 This information is being furnished to the IRS.

TRUSTEE'S or ISSUER'S name, street address, city or town, state or province, country, and ZIP or foreign postal code ----
TRUSTEE'S/ISSUER'S TIN ----
BENEFICIARY'S TIN ----
BENEFICIARY'S name ----
Street address (including apt. no.) ----
City or town, state or province, country, and ZIP or foreign postal code ----
Account number (see instructions) ----
1 Coverdell ESA contributions $ ----
2 Rollover contributions $ ----
Form 5498-ESA
(keep for your records)
www.irs.gov/Form5498ESA
Department of the Treasury - Internal Revenue Service

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Instructions for Beneficiary

The information on Form 5498-ESA is furnished to you by the trustee or issuer of your Coverdell education savings account (ESA) by April 30, 2025. Form 5498-ESA reports contributions and rollover contributions made for you for 2024. For more information about Coverdell ESAs, see Pub. 970.

Beneficiary's taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)). However, the issuer has reported your complete TIN to the IRS.

Account number. May show an account or other unique number the trustee/issuer assigned to distinguish your account.

Box 1. Shows Coverdell ESA contributions made in 2024 and through April 15, 2025, for 2024 on your behalf. Do not deduct these amounts on your income tax return.

If the total contributions made to all your Coverdell ESAs for 2024 exceeded $2,000, you must withdraw the excess, plus earnings, by June 2, 2025, or you may owe a penalty. You must keep track of your Coverdell ESA basis (contributions and distributions).

Box 2. Shows any rollover (including a direct rollover and contribution of a military death gratuity) you made in 2024. Generally, any amount rolled over from one Coverdell ESA to another Coverdell ESA for the benefit of the named beneficiary or a member of the beneficiary's family who is under age 30 (except for a beneficiary with special needs) is not taxable.

Future developments. For the latest information about developments related to Form 5498-ESA and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form5498ESA.

Free File Program. Go to www.irs.gov/FreeFile to see if you qualify for no-cost online federal tax preparation, e-filing, and direct deposit or payment options.

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Department of the Treasury
Internal Revenue ServiceSep 13, 2023
Cat. No. 34006Q

2024
Instructions for Form 5498-ESA
Coverdell ESA Contribution Information

Section references are to the Internal Revenue Code unless otherwise noted.

Future Developments

For the latest information about developments related to Form 5498-ESA and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form5498ESA.

Reminders

In addition to these specific instructions, you should also use the current General Instructions for Certain Information Returns. Those general instructions include information about the following topics.

• Who must file.
• When and where to file.
• Electronic reporting.
• Corrected and void returns.
• Statements to recipients.
• Taxpayer identification numbers (TINs).
• Backup withholding.
• Penalties.
• Other general topics.

You can get the General Instructions for Certain Information Returns at 
IRS.gov/1099GeneralInstructions or go to IRS.gov/Form5498ESA.

Online fillable form. Due to the very low volume of paper Forms 5498-ESA received and processed by the IRS each year, this form has been converted to an online fillable format. You may fill out the form, found online at 
IRS.gov/Form5498ESA, and send Copy B to the recipient. For filing with the IRS, follow the applicable procedures if you are required to file electronically, or, for this form only, if you are qualified to file on paper, send in the black-and-white Copy A with Form 1096 that you print from the IRS website.

Specific Instructions

File Form 5498-ESA, Coverdell ESA Contribution Information, with the IRS for each person for whom you maintained any Coverdell education savings account (ESA) during 2024.

A Coverdell ESA is a trust or custodial account created or organized in the United States exclusively for the purpose of paying the qualified education expenses of an individual who is the designated beneficiary of the trust or custodial account. The account must be designated as a Coverdell ESA at the time it is created or organized in order to be treated as a Coverdell ESA for tax purposes. The governing instrument creating the trust must meet the requirements of section 530(b)(1).

Contributions. You must report contributions, including rollover contributions, to any Coverdell ESA on Form 5498-ESA. See the instructions under Box 1 and Box 2, later. If no reportable contributions were made for 2024, no return is required.

For contributions made between January 1, 2025, and April 15, 2025, trustees and issuers should obtain the participant's designation of the year for which the contributions are made.

Rollovers and transfers. Report on Form 5498-ESA all rollovers, including a direct trustee-to-trustee transfer from one Coverdell ESA to another Coverdell ESA. A rollover can be made from certain U.S. Savings Bonds or another Coverdell ESA. The contribution of a military death gratuity to a Coverdell 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 paid no later than the 60th day after the date of such payment or distribution into another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary's family who has not attained age 30 as of such date. The preceding sentence shall not apply to any payment or distribution if it applied to any prior payment or distribution during the 12-month period ending on the date of the payment or distribution.

Family member. Family members of the designated beneficiary include the beneficiary's spouse. Also included are the beneficiary's children, stepchildren, foster children, and their descendants; siblings and their children; parents, their siblings, and ancestors; stepparents; in-laws; the spouse of any of the foregoing; and any first cousin of the designated beneficiary.

Total distribution, no contributions. Generally, if a total distribution was made from an account during the year and no contributions (including rollovers) were made for that year, you do not need to file Form 5498-ESA.

Distributions. Report distributions from any Coverdell ESA on Form 1099-Q, Payments From Qualified Education Programs. Any change in the beneficiary of the Coverdell ESA is not treated as a distribution if the new beneficiary is a family member (see above) of the prior beneficiary and has not reached the age of 30 (except for a beneficiary with special needs).

Statements to participants. If you are required to file Form 5498-ESA, you must furnish a statement to the beneficiary (participant) by April 30, 2025.

For more information about the requirement to furnish statements to participants, see part M in the General Instructions for Certain Information Returns.

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Truncating beneficiary's TIN on payee statements. Pursuant to Regulations section 301.6109-4, all filers of this form may truncate a beneficiary's TIN (social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)) on payee statements. Truncation is not allowed on any documents the filer files with the IRS. A trustee's or issuer's TIN may not be truncated on any form. See part J in the General Instructions for Certain Information Returns.

Account number. The account number is required if you have multiple accounts for a recipient for whom you are filing more than one Form 5498-ESA. Additionally, the IRS encourages you to designate an account number for all Forms 5498-ESA that you file. See part L in the General Instructions for Certain Information Returns.

Box 1. Contributions (Other Than Amounts in Box 2)

Enter contributions to a Coverdell ESA made from January 1, 2024, through April 15, 2025, designated for 2024.

 Do not include rollovers in box 1. Report rollovers in box 2.

Box 2. Rollover Contributions

Enter any rollover contributions (including a military death gratuity and trustee-to-trustee transfer) to this Coverdell ESA received by you during 2024 (see Rollovers and Transfers, earlier).
