A BNY MELLON COMPANY

Accounts & Services

Understanding Form 5498 ESA

Form 5498-ESA reports Coverdell Education Savings Account (ESA) contributions and rollovers made for you for 2013. This information is reported to the Internal Revenue Service (IRS). For more information about Coverdell ESAs see IRS Publication 970, Tax Benefits for Education.

Form 5498 ESA

A. BENEFICIARY'S NAME & ADDRESS

Your registration and mailing address. You are the beneficiary of the account listed on this form.

B. BENEFICIARY'S SOCIAL SECURITY NUMBER

The number under which the contribution amounts and account values have been reported to the IRS. For individuals this is your Social Security Number, which has been masked on paper forms but not on electronic forms. Employer Identification Numbers have not been masked.

C. ACCOUNT NUMBER

The account number of the fund account in which the contribution or rollover contribution was invested.

Box 1. COVERDELL ESA CONTRIBUTIONS

Reports Coverdell ESA contributions made in 2013 and through April 15, 2014, on your behalf. Do not deduct these amounts on your income tax return. If the total contributions made to all your Coverdell ESAs for 2013 exceeded $2,000, you must withdraw the excess, plus earnings, by June 2, 2014, or you may owe a penalty. You must keep track of your Coverdell ESA basis (contributions and distributions).

Box 2. ROLLOVER CONTRIBUTIONS

Reports any rollover you made in 2013. 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 is not taxable.