Federal Coverdell ESA Contribution Information

Coverdell ESA Contribution Information
2023 Form 5498
Attention:
Copy A of this form is provided for informational purposes only. Copy A appears in red,
similar to the official IRS form. The official printed version of Copy A of this IRS form is
scannable, but the online version of it, printed from this website, is not. Do not print and file
copy A downloaded from this website; a penalty may be imposed for filing with the IRS
information return forms that can’t be scanned. See part O in the current General
Instructions for Certain Information Returns, available at www.irs.gov/form1099, for more
information about penalties.
Please note that Copy B and other copies of this form, which appear in black, may be
downloaded and printed and used to satisfy the requirement to provide the information to
the recipient.
To order official IRS information returns, which include a scannable Copy A for filing with
the IRS and all other applicable copies of the form, visit www.IRS.gov/orderforms. Click on
Employer and Information Returns, and we’ll mail you the forms you request and their
instructions, as well as any publications you may order.
Information returns may also be filed electronically using the IRS Filing Information Returns
Electronically (FIRE) system (visit www.IRS.gov/FIRE) or the IRS Affordable Care Act
Information Returns (AIR) program (visit www.IRS.gov/AIR).
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax
forms.

2828

VOID

CORRECTED

TRUSTEE’S or ISSUER’S name, street address, city or town, state or
province, country, and ZIP or foreign postal code

1 IRA contributions (other
than amounts in boxes
2–4, 8–10, 13a, and 14a)

$

OMB No. 1545-0747

2023

2 Rollover contributions
Form 5498

$
3 Roth IRA conversion
amount
TRUSTEE’S or ISSUER’S TIN

PARTICIPANT’S TIN

PARTICIPANT’S name

4 Recharacterized
contributions

Copy A

$

$

5 FMV of account

6 Life insurance cost included in
box 1

For
Internal Revenue
Service Center

$

$

File with Form 1096.

7 IRA
SEP
8 SEP contributions

$
10 Roth IRA contributions

Street address (including apt. no.)

IRA
Contribution
Information

SIMPLE
Roth IRA
9 SIMPLE contributions

$
11 Check if RMD for 2024

$
12a RMD date

12b RMD amount

13a Postponed/late contrib.

13b Year

$

City or town, state or province, country, and ZIP or foreign postal code

13c Code

$
14a Repayments

14b Code

For Privacy Act
and Paperwork
Reduction Act
Notice, see the
2023 General
Instructions for
Certain
Information
Returns.

$
15a FMV of certain specified
assets

Account number (see instructions)

15b Code(s)

$
Form 5498

Cat. No. 50010C

www.irs.gov/Form5498

Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

CORRECTED (if checked)
TRUSTEE’S or ISSUER’S name, street address, city or town, state or
province, country, and ZIP or foreign postal code

1 IRA contributions (other
than amounts in boxes
2–4, 8–10, 13a, and 14a)

$

OMB No. 1545-0747

2023

2 Rollover contributions
Form 5498

$
3 Roth IRA conversion
amount
TRUSTEE’S or ISSUER’S TIN

PARTICIPANT’S TIN

$

$
6 Life insurance cost included in
box 1

$
$
10 Roth IRA contributions

Street address (including apt. no.)

4 Recharacterized
contributions

5 FMV of account

7 IRA
SEP
8 SEP contributions

PARTICIPANT’S name

$

IRA
Contribution
Information
Copy B
For
Participant

$
SIMPLE
Roth IRA
9 SIMPLE contributions

$
11 If checked, required minimum
distribution for 2024

12a RMD date

12b RMD amount

13a Postponed/late contrib.

13b Year

This information
is being
furnished to
the IRS.

$

City or town, state or province, country, and ZIP or foreign postal code

13c Code

$
14a Repayments

14b Code

$
15a FMV of certain specified
assets

Account number (see instructions)

15b Code(s)

$
Form 5498

(keep for your records)

www.irs.gov/Form5498

Department of the Treasury - Internal Revenue Service

Instructions for Participant
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your
individual retirement arrangement (IRA) to report contributions, including any catch-up
contributions, required minimum distributions (RMDs), and the fair market value (FMV)
of the account. For information about IRAs, see Pubs. 590-A, 590-B, and 560.
Participant’s taxpayer identification number (TIN). For your protection, this form
may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the
trustee or issuer has reported your complete TIN to the IRS.
Account number. May show an account or other unique number the trustee or issuer
assigned to distinguish your account.
Box 1. Shows traditional IRA contributions for 2023 you made in 2023 and through
April 15, 2024. These contributions may be deductible on your Form 1040 or 1040-SR.
However, if you or your spouse was an active participant in an employer’s pension
plan, these contributions may not be deductible. This box does not include amounts in
boxes 2–4, 8–10, 13a, and 14a.
Box 2. Shows any rollover, including a direct rollover to a traditional IRA or Roth IRA, or a
qualified rollover contribution (including a military death gratuity or SGLI payment) to a
Roth IRA you made in 2023. It does not show any amounts you converted from your
traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA. They are shown in box 3. It does
not show any late rollover contributions. They are shown in box 13a. See the Form 1040
or 1040-SR instructions for information on how to report rollovers. If you have ever made
any nondeductible contributions to your traditional IRA or SEP IRA and you did not roll
over the total distribution, use Form 8606 to figure the taxable amount. If property was
rolled over, see Pub. 590-A. For a qualified rollover to a Roth IRA, also see Pub. 590-A.
Box 3. Shows the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA
to a Roth IRA in 2023. Use Form 8606 to figure the taxable amount.
Box 4. Shows amounts recharacterized from transferring any part of the contribution
(plus earnings) from one type of IRA to another. See Pub. 590-A.
Box 5. Shows the FMV of all investments in your account at year end. However, if a
decedent’s name is shown, the amount reported may be the FMV on the date of
death. If the FMV shown is zero for a decedent, the executor or administrator of the
estate may request a date-of-death value from the financial institution.
Box 6. Shows for endowment contracts only the amount allocable to the cost of life
insurance. Subtract this amount from your allowable IRA contribution included in box 1
to compute your IRA deduction.
Box 7. May show the kind of IRA reported on this Form 5498.
Boxes 8 and 9. Show SEP (box 8) and SIMPLE (box 9) contributions made in 2023,
including contributions made in 2023 for 2022, but not including contributions made in
2024 for 2023. If made by your employer, do not deduct on your income tax return. If
you made the contributions as a self-employed person (or partner), they may be
deductible. See Pub. 560.
Box 10. Shows Roth IRA contributions you made in 2023 and through April 15, 2024.
Do not deduct on your income tax return.
Box 11. If the box is checked, you must take an RMD for 2024. An RMD may be
required even if the box is not checked. If you do not take the RMD for 2024, you are
subject to a 50% excise tax on the amount not distributed. See Pub. 590-B for details.

Box 12a. Shows the date by which the RMD amount in box 12b must be distributed to
avoid the 50% excise tax on the undistributed amount for 2024.
Box 12b. Shows the amount of the RMD for 2024. If box 11 is checked and there is no
amount in this box, the trustee or issuer must provide you the amount or offer to
calculate the amount in a separate statement by January 31, 2024.
Box 13a. Shows the amount of a late rollover contribution (more than 60 days after
distribution) made in 2023 and certified by the participant, or a postponed contribution
made in 2023 for a prior year. This amount is not reported in box 1 or 2.
Box 13b. Shows the year to which the postponed contribution in box 13a was
credited. If a late rollover contribution is shown in box 13a, this box will be blank.
Box 13c. For participants who made a postponed contribution due to an extension of the
contribution due date because of a federally designated disaster, shows the code FD.
For participants who served in designated combat zones, qualified hazardous duty
areas, or direct support areas, shows the appropriate code. The codes are EO13239
for Afghanistan and associated direct support areas, EO12744 for the Arabian
Peninsula areas, PL115-97 for the Sinai Peninsula of Egypt, and EO13119 (or
PL106-21) for the Yugoslavia operations areas. For additional information, including a
list of locations within the designated combat zones, qualified hazardous duty areas,
and direct support areas, see Pub. 3. For updates to the list of locations, go to
www.irs.gov/Newsroom/Combat-Zones.
For a participant who makes a rollover of a qualified plan loan offset, shows the code PO.
For a participant who has used the self-certification procedure for a late rollover
contribution, shows the code SC.
Box 14a. Shows the amount of any repayment of a qualified reservist distribution, a
qualified disaster distribution, or a qualified birth or adoption distribution. See Pub.
590-A for reporting repayments.
Box 14b. Shows the code QR for the repayment of a qualified reservist distribution,
code DD for repayment of a qualified disaster distribution, or code BA for repayment
of a qualified birth or adoption distribution.
Box 15a. Shows the FMV of the investments in the IRA that are specified in the
categories identified in box 15b.
Box 15b. The following codes show the type(s) of investments held in your account for
which the FMV is required to be reported in box 15a.
A—Stock or other ownership interest in a corporation that is not readily tradable on an
established securities market.
B—Short- or long-term debt obligation that is not traded on an established securities market.
C—Ownership interest in a limited liability company or similar entity (unless the
interest is traded on an established securities market).
D—Real estate.
E—Ownership interest in a partnership, trust, or similar entity (unless the interest is
traded on an established securities market).
F—Option contract or similar product that is not offered for trade on an established
option exchange.
G—Other asset that does not have a readily available FMV.
H—More than two types of assets (listed in A through G) are held in this IRA.

VOID

CORRECTED

TRUSTEE’S or ISSUER’S name, street address, city or town, state or
province, country, and ZIP or foreign postal code

1 IRA contributions (other
than amounts in boxes
2–4, 8–10, 13a, and 14a)

$

OMB No. 1545-0747

2023

2 Rollover contributions
Form 5498

$
3 Roth IRA conversion
amount
TRUSTEE’S or ISSUER’S TIN

PARTICIPANT’S TIN

$

$
6 Life insurance cost included in
box 1

7 IRA
SEP
8 SEP contributions

$
Street address (including apt. no.)

4 Recharacterized
contributions

5 FMV of account

$
PARTICIPANT’S name

10 Roth IRA contributions

$
11 Check if RMD for 2024

$
12b RMD amount

13a Postponed/late contrib.

13b Year

$
13c Code

$
14a Repayments

Copy C
For
Trustee or Issuer

$
SIMPLE
Roth IRA
9 SIMPLE contributions

12a RMD date
City or town, state or province, country, and ZIP or foreign postal code

IRA
Contribution
Information

14b Code

For Privacy Act
and Paperwork
Reduction Act
Notice, see the
2023 General
Instructions for
Certain
Information
Returns.

$
Account number (see instructions)

15a FMV of certain specified
assets

15b Code(s)

$
Form 5498

www.irs.gov/Form5498

Department of the Treasury - Internal Revenue Service

Instructions for Trustee or Issuer
To complete Form 5498, use:
• The 2023 General Instructions for Certain
Information Returns, and
• The 2023 Instructions for Forms 1099-R and
5498.
To order these instructions and additional forms,
go to www.irs.gov/EmployerForms.
Caution: Because paper forms are scanned during
processing, you cannot file certain Forms 1096,
1097, 1098, 1099, 3921, or 5498 that you print
from the IRS website.

Filing and furnishing. For filing and furnishing
instructions, including due dates, and requesting
filing or furnishing extensions, see the 2023
General Instructions for Certain Information
Returns.
Need help? If you have questions about reporting
on Form 5498, call the Technical Services
Operation (TSO) toll free at 866-455-7438 or
304-263-8700 (not toll free). Deaf or hard of
hearing customers may call any of our toll-free
numbers using their choice of relay service.