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Form 5305 E Rev October Coverdell Education Savings Trust Account
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People also ask
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Who pays taxes on Coverdell distribution?
The distributions are tax-free to the extent the amount of the distributions doesn't exceed the beneficiary's qualified education expenses. If a distribution exceeds the beneficiary's qualified education expenses, a portion of the earnings is taxable to the beneficiary. -
What is Form 5305 A used for?
Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse. Article IV. -
What is the maximum contribution to a Coverdell ESA in 2023?
For 2022/2023, the maximum contribution to a Coverdell ESA is $2,000 per year. Unlike other savings plans that require earned income, you don't need income to open a CESA. -
Do I need to report Coverdell contributions?
Tax Forms. ESA contributions are reported on IRS Form 5498-ESA (“Coverdell ESA Contribution Information”), which is mailed to you in April. Redemptions are reported on IRS Form 1099-Q (“Payments from Qualified Education Programs”), which is mailed to you in January.
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