IRS Issues Updated Form and Instructions for Form 5498-ESA

The Internal Revenue Service has issued updated Form 5498-ESA, Coverdell ESA Contribution Information, and correlating instructions. Form 5498-ESA is used to report Coverdell education savings account beneficiary and custodian/trustee information, tax identification and account numbers, annual contributions, and rollovers. The “What's New” section of the instructions indicate that the address field for beneficiary information has been separated, and the form and instructions have been converted from annual revision to continuous use.