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, 2020. Form 5498-ESA reports
contributions and rollover contributions made for you for
2019. For more information about Coverdell ESAs, see
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
Box 1. Shows Coverdell ESA contributions made in 2019
and through April 15, 2020, for 2019 on your behalf. Do not
deduct these amounts on your income tax return.
If the total contributions made to all your Coverdell ESAs
for 2019 exceeded $2,000, you must withdraw the excess,
plus earnings, by June 1, 2020, 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 2019.
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.