The Deadline to E-file Form (formType) is March 31, 2025.E-File Now
E-file Form 5498-ESA Online
Prepare and file Form 5498-ESA with TaxBandits to report Coverdell Education Savings Account (ESA) Contribution Information.
A Comprehensive Solution for Form 5498-ESA Filing
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Form 5498: Key Insights
- Form 5498-ESA, Coverdell ESA Contribution Information, is an IRS tax form used to report contributions made to a Coverdell Education Savings Account (ESA) during the tax year. It is issued to both the IRS and the account beneficiary to provide details about the contributions.
- The trustee or custodian of a Coverdell Education Savings Account (ESA) is responsible for filing Form 5498-ESA with the IRS and providing a copy to the account beneficiary. This includes banks, credit unions, brokerage firms, and other financial institutions that manage Coverdell ESAs.
- The deadline to e-file Form 5498-ESA with the IRS is June 02, 2025, and the deadline to furnish beneficiary copy is April 30, 2025.
Why Choose TaxBandits to E-file Form 5498-ESA?
Explore the features that make TaxBandits the ideal choice for filing 5498-ESA forms online.
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We have improved the team management feature, allowing you to invite unlimited team members, assign predefined roles, and delegate 5498-ESA filings for specific clients.
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Contact our team at (704) 684-4758 to explore custom pricing options for high-volume filing!
Information Required to E-file Form 5498-ESA Online
Trustee’s Details:
Name, TIN, Address, and Contact Information
Beneficiary’s Details:
Name, TIN, Address, and Contact Information
ESA Contribution Details:
This includes,- Coverdell ESA Contributions
- Rollover Contributions
Have all the information ready? Start filing your 5498-ESA forms with TaxBandits today!
How to file Form 5498-ESA Online with TaxBandits?
TaxBandits offers an efficient solution for the electronic filing of IRS Form 5498-ESA, which is crucial for reporting contributions to various retirement accounts.
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Step 1: Select Form 5498-ESA
Select Form 5498-ESA from the dashboard to file for the 2024 tax year.
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Step 2: Enter Form 5498-ESA Information
Enter the required Form 5498-ESA information manually in the respective fields.
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Step 3: Choose Distribution Options
You can deliver recipient copies via postal mail, online access, or advanced distribution (which supports both).
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Step 4: Review and Transmit to the IRS
Review the 5498-ESA form summary and transmit it to the IRS.
We'll email you updates about the status of your forms. You can also track the status directly from your dashboard.
Ready to E-file Form 5498-ESA with the IRS?
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Frequently Asked Questions About Filing Form 5498-ESA Online
What is Form 5498-ESA?
Form 5498-ESA is an IRS tax form used by financial institutions to report contributions made to a Coverdell Education Savings Account (ESA) during the tax year. This form helps the IRS and the account beneficiary track ESA contributions for tax purposes.
To learn more about Form 5498-ESA, visit irs.gov.
Are you ready to report your 5498-ESA Form? Get started with TaxBandits & file in a matter of minutes! Start E-Filing Now
When is Form 5498-ESA E-Filing Deadline for 2024 Tax Year?
- The Form 5498-ESA due to the designated beneficiary is by June 02, 2025.
- The deadline to distribute the beneficiary copy of Form 5498-ESA is April 30, 2025.
Learn more about the 2024 Form 5498 ESA deadline.
What Happens If My Contributions Exceed The Limit?
If the contribution exceeds more than the annual allowable amount into an ESA, unless the extra contributions are removed by June 1st of the following tax year, a yearly excess contribution penalty of 6% will be assessed to the exceeded amount for each year until the excess contribution is either removed or re-designated.
To remove an excess contribution, the customer should complete the ESA Distribution Request Form. Once removed, the customer will not receive an amended Form 5498-ESA but IRS Form 1099-Q will be issued instead to report the removal of the excess contribution.
Helpful Resource for Form 5498 ESA
Form 5498 ESA
Form 5498 ESA Deadline
