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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5305E: 5305-E

IRS Form 5305‑E is the application to establish a Coverdell Education Savings Account (ESA). Use it when you want to open a new ESA for a qualified student.

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Form Overview

IRS Form 5305E - 5305-E

IRS Form 5305‑E is the application to establish a Coverdell Education Savings Account (ESA). Use it when you want to open a new ESA for a qualified student.

It captures the owner’s name, address, taxpayer identification, the student’s name and birthdate, and the contribution amount (up to $2,000 per year).

Risk Radar

Scan points
  • 1A single typo in the student’s SSN can void the entire ESA.
  • 2Incorrect SSN or TIN for owner or student
  • 3Contribution exceeds $2,000 limit
  • 4Student age over 18 at the time of opening
  • 5Missing signature or date

Plain English

This form lets you set up a tax‑advantaged savings account that can pay for K‑12 or college expenses. You fill it out once, then the financial institution holds the account. No ongoing reporting to the IRS is required unless you make a distribution.

Submission Date

  • Filing date: 2017-02-08 00:00:00
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

financial institutionidentificationfinancialowner

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What this form is for

  • Use this form to open a new Coverdell ESA.
  • Do not use it to make contributions after the account is open.
  • If you need to change the account holder or student, use Form 5305‑E amendment instructions or a new account.

Form selector

Use this form or another form?

Changing beneficiary after age 18

Must meet age limit again

✓ Verify age before proceeding

Form 5305‑E (new account)

Contributing to a 529 plan

Different tax rules and contribution limits

✓ Choose 529 if you need higher limits

Form 8898

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 5305‑E is currently in its 2024 edition. No major revisions have been announced for 2025.

What changed or needs a fresh check

  • Edition date – verify the form is the 2024 version
  • Fee – most institutions charge a small account‑opening fee; confirm amount
  • Mailing address – use the address provided by the financial institution, not the IRS
  • Signature line – ensure both owner and
  • [object Object]

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Quick Facts

The account owner (usually a parent or guardian) files the form with the chosen financial institution.
It captures the owner’s name, address, taxpayer identification, the student’s name and birthdate, and the contribution amount (up to $2,000 per year).
File the form before the first contribution is made and before the student turns 18. There is no annual filing deadline, but contributions must be made by the tax‑return due date (including extensions) for that year.
Submit the completed form to the bank, credit union, or brokerage that will hold the ESA. They will process it and return a confirmation.
Errors can invalidate the ESA, causing contributions to be treated as taxable gifts or triggering penalties. The account may be rejected, delaying education savings.
1. Obtain Form 5305‑E from the IRS website or the financial institution. 2. Fill in owner and student information accurately. 3. Enter the contribution amount (max $2,000 per student per year). 4. Sign and date the form. 5. Send it to the institution for account opening. 6. Keep the acknowledgment for your records.

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Copyright & Licensing - US Government Forms

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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