i5498-esa--2022-00-00

2022

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 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 2022 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 2022.
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).

Oct 13, 2021

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 2022,
no return is required.
For contributions made between January 1, 2023, and
April 18, 2023, 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 May 1, 2023.
For more information about the requirement to furnish
statements to participants, see part M in the 2022 General
Instructions for Certain Information Returns.

Cat. No. 34006Q

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

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 2022
General Instructions for Certain Information Returns.

Enter contributions to a Coverdell ESA made from
January 1, 2022, through April 18, 2023, designated for
2022.
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 2022 (see Rollovers and
Transfers, earlier).

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 2022
General Instructions for Certain Information Returns.

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Instructions for Form 5498-ESA (2022)