Why E-file with TaxBandits?
- File Multiple 5498 Forms instantly
- We Print & Mail participant copies
- Automatic Generation of Form 1096
- Interview Style Filing Process
- US-based Support
- Multi-User Access
How To Electronically File Form 5498-ESA Online?
While filing your Form 5498-ESA return with TaxBandits, you also have the option of postal mailing copies to beneficiaries.
Simply select the “Postal Mail” option and we will take care of the rest!
What Information is Required to E-File Form 5498-ESA Online?
1. Trustees or Issuers’ Details: Name, TIN, Address, and Contact Information
2. Beneficiary’s Details: Name, TIN, Address, and Contact Information
- Coverdell ESA Contribution Information
- Rollover Contribution Information
Are you ready to file your 5498-ESA Form? Get started with your free
TaxBandits account!
Amazing Features To Make Your 5498-ESA
E-filing Easy
Deliver Recipient Copies
Choose to distribute your recipient copies using our postal mail and online access options.
Real Time Notifications
You will be notified about the status of your Form 5498 via email instantly.
Access to Form Copies
Access your Form copies anytime. TaxBandits securely keeps a record of your transmitted Form copies
for 7 years.
Internal Audit Check
TaxBandits validates your completed form against IRS business rule and ensure accurate filing.
Success Starts with TaxBandits!
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Excellent Step by Step process and easy to go back and make edits....
Very easy navigation going forward and backwards. I usually have trouble online with confusing instructions. Yours is very easy.
Easy and reasonably priced. Great customer service!
I’m quite impressed, especially in comparison with other sites from the IRS list I reviewed as well. Well done. Thank you.
Very easy to find my way around, most help features are very good, customer service response has been exceptional for the price point.
Work flow makes sense, navigation is easy, customer service is excellent with prompt call backs and thoughtful support.
Frequently Asked Questions
What is Form 5498-ESA?
Form 5498-ESA, Coverdell Education Savings Accounts (ESA) Contribution Information, with the IRS for each person that maintained any Coverdell Education Savings Account (ESA) during the year.
A Coverdell ESA is a trust or custodial account created or organized exclusively to pay the qualified education expenses of an individual who is the designated beneficiary of the trust or custodial account. The individual referred to as the “designated beneficiary” is the person on whose behalf the ESA is set.
Generally, if a total distribution was made from an account with no contributions (including rollovers) for that year, then you do not need to file Form 5498-ESA. To learn more about Form 5498-ESA, visit irs.gov.
Are you ready to report your 5498-ESA Form? Get started with TaxBandits & file in a matter of minutes!
Start E-Filing Now
When is Form 5498-ESA E-Filing Deadline for 2022 Tax Year?
The Form 5498-ESA due to the designated beneficiary is by May 31, 2023.
The deadline for E-filing Form 5498-ESA with the IRS is May 31, 2023.
Learn more about the
2022 Form 5498 ESA deadline.
What Happens If My Contributions Exceed The Limit?
If the contribution exceeds more than the annual allowable amount into an ESA, unless the extra contributions are removed by June 1st of the following tax year, a yearly excess contribution penalty of 6% will be assessed to the exceeded amount for each year until the excess contribution is either removed or re-designated.
To remove an excess contribution, the customer should complete the ESA Distribution Request Form. Once removed, the customer will not receive an amended
Form 5498-ESA but IRS Form 1099-Q will be issued instead to report the removal of the excess contribution.
