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Tax Resource Center

5498 ESA Tax Information

Similar to Form 5498, Form 5498-ESA is used to report contributions and rollovers made to a Coverdell Education Savings Account for a given tax year. Find more information about Coverdell Education Savings Accounts.

Who Gets It

Shareholders who made contributions or rollovers to a Coverdell Education Savings Account in the year.

Additionally, expect to receive a 5498 ESA if you had:

  • contributions made to a Coverdell Education Savings Account
  • rollovers or trustee-to-trustee transfers made to a Coverdell Education Savings Account

When It's Mailed

Thrivent Mutual Funds targets mail dates by April 30th.

What's In It

A summary of contributions, transfers and rollovers made to date to your CESA for the year; and the Dec 31st market value for each CESA you own.

How To Use It

Track your contributions and determine your basis.

Keep in Mind

If you want to make Coverdell ESA contributions for the prior tax year, it must be postmarked by the due date of the contributors tax return (generally April 15th) and designated as a contribution for the previous year.


5498 ESA Tax Form Information

Below are descriptions of the boxes on Form 5498 ESA. Refer to IRS Publication 970 for more information. At Thrivent Mutual Funds, we recommend you consult your tax advisor to make sure you’re getting the most out of your investments. Thrivent Mutual Funds and their representatives cannot provide legal or tax advice.

 

Box 1—Coverdell ESA contributions

Reports CESA contributions designated for the tax year. Contributions to a CESA are not deductible on your income tax return.

 

Box 2—Rollover contributions

Reports the amount of any rollovers or trustee-to-trustee transfers made to your CESA during the calendar year. This includes a direct rollover from a qualified plan to a CESA. These transactions are not taxable on your Federal tax return.

 

 

Based on 2016 IRS Form instructions. Subject to change.