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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5498E: 5498-ESA

Form 5498‑ESA is the Annual Report of Contributions to an Education Savings Account. The financial institution files it to report contributions, rollovers, and the fair market value of the ESA for a tax year.

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Form Overview

IRS Form 5498E - 5498-ESA

Form 5498‑ESA is the Annual Report of Contributions to an Education Savings Account. The financial institution files it to report contributions, rollovers, and the fair market value of the ESA for a tax year.

It captures total contributions, rollovers, recharacterizations, and the account’s year‑end fair market value, plus the beneficiary’s name and Social Security number.

Risk Radar

Scan points
  • 1A single dollar error can create a $25 excess‑contribution penalty per month.
  • 2Missing or incorrect beneficiary SSN
  • 3Over‑contributing beyond the $2,000 limit
  • 4Failing to report rollovers or recharacterizations
  • 5Incorrect fair market value at year‑end

Plain English

Your bank or broker sends this form to the IRS to let the government know how much money you put into a Coverdell ESA and what the account was worth at year‑end. You receive a copy for your records, but you don’t file it yourself.

Submission Date

  • Filing date: 2026-01-28 15:14:12
  • 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 institutionfair market valuemarket valuefair marketfinancialmarketmoney

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What this form is for

  • Use when you have made contributions to a Coverdell Education Savings Account.
  • Do not use for 529 plans or other education‑related accounts.
  • If the account is closed, still file a final 5498‑ESA for the year of closure.

Form selector

Use this form or another form?

No contributions but account exists

Reports only fair market value for a Savings Account

✓ Verify that the account is not an ESA

Form 5498‑SA

Rollover from a 529 plan

Reports distributions, not contributions

✓ Confirm the source account type before filing

Form 1099‑R

Deadline or filing window

The custodian must file Form 5498‑ESA with the IRS by May 31 of the year following the contribution year. The beneficiary receives a copy by the same date. If the deadline is missed, the IRS may assess penalties for late filing.

  • —Total contributions | Sum of all deposits made during the year | Contribution total | Verify each deposit is ≤ $2,000 per beneficiary

Checklist

What you need before filling it out

1

Beneficiary SSN

Social Security card or IRS notice · Beneficiary’s personal records

⚠ Typos or transposed digits✕ High
2

Contribution amount

Bank statements or transaction ledger · Custodian’s deposit records

⚠ Forgetting a small deposit✕ Medium
3

Rollovers

Rollover receipt or 1099‑R · Custodian’s transfer logs

⚠ Misclassifying a distribution as a contribution✕ High
4

Fair market value

Year‑end account statement · Custodian’s valuation report

⚠ Using a prior‑year balance✕ Medium
5

Tax year box

Form header · Calendar year of contributions

⚠ Selecting wrong year (e.g., 2023 instead of 2024)✕ High

Before you submit

  1. 1Confirm beneficiary’s name and SSN match IRS records.
  2. 2Add up all contributions and verify they do not exceed $2,000.
  3. 3Include any rollovers or recharacterizations.
  4. 4Enter the correct year‑end fair market value.
  5. 5Check that the tax year box reflects the correct year.
  6. 6Sign the custodian’s certification section.
  7. 7If filing paper, use the correct IRS mailing address and postage.
  8. 8If filing electronically, upload the PDF to the FIRE system and capture the transmission acknowledgment.
  9. 9Send a copy of the completed form to the ESA beneficiary.
  10. 10Retain a copy of the filing receipt for at least three years.
  11. 11Update internal records to reflect the reported amounts.

How to file this form

  1. 1Log in to the IRS FIRE system with the custodian’s Transmitter Control Code.
  2. 2Upload the completed Form 5498‑ESA PDF.
  3. 3Validate the file using the system’s error check; correct any alerts.
  4. 4Submit and save the electronic acknowledgment receipt.
  5. 5If filing by paper, print the form on white 8½×11 paper.
  6. 6Mail the form to the IRS address in the instructions, using certified mail.
  7. 7Mail a copy to the beneficiary’s address on record.
  8. 8Record the filing date and acknowledgment number in the custodian’s ledger.

Known limitations

  1. 1The form does not calculate penalties; separate worksheets are needed.
  2. 2IRS instructions provide no guidance for{ } contributions made after December 31 but reported in the next filing year.
  3. 3Electronic filing requires a valid Transmitter Control Code; new custodians must apply for one.
  4. 4The form does not accept electronic signatures; a printed signature is required for paper filings.

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 5498‑ESA for tax year 2024 is available on the IRS website. No new revisions have been issued for 2025 yet.

What changed or needs a fresh check

  • Edition date: Verify the form is the 2024 version (published 01/2024).
  • Fee: No filing fee for the custodian.
  • Mailing address: Use the IRS address listed in the 2024 instructions for paper filing.
  • Electronic filing: Ensure FIRE system credentials are current.
  • Beneficiary SSN format: Nine digits, no dashes.

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Quick Facts

The trustee or custodian of the ESA (usually a bank, credit union, or brokerage) files the form.
It captures total contributions, rollovers, recharacterizations, and the account’s year‑end fair market value, plus the beneficiary’s name and Social Security number.
The form is mailed to the IRS and the account holder by May 31 following the tax year being reported.
The custodian files electronically through the IRS FIRE system or mails a paper copy to the IRS processing center indicated in the instructions; a copy is sent to the ESA beneficiary.
Incorrect amounts can trigger excess‑contribution penalties for the beneficiary and may require amended returns or refunds.
1. Gather the beneficiary’s SSN, contribution dates, and amounts. 2. Calculate total contributions for the year, including any rollovers. 3. Determine the account’s fair market value on December 31. 4. The custodian completes the form, attaches any required statements, and files it electronically or by mail before the May 31 deadline.

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After you file

  1. 1Store the IRS acknowledgment and a copy of the filed form in the account file.
  2. 2Update the ESA ledger with the reported contribution total and FMV
  3. 3[object Object]

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.

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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