Easily file your 5498-ESAs online – Avalara (Track1099)

What is Form 5498-ESA and when is it required?

Form 5498-ESA reports contributions and other information related to Coverdell Education Savings Accounts (ESAs).

Financial institutions in the United States must file a 5498-ESA for each individual that has an ESA to report contributions and the fair market value of the account as of year-end.

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Can I file Form 5498-ESA online?

Yes. You can e-file Form 5498-ESA through the IRS website or by mail. You may also use Avalara 1099 & W-9 to streamline the e-filing process and help prevent costly errors.

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What is the IRS deadline for filing Form 5498-ESA?

E-file with the IRS by April 30.

When this date falls on a weekend or holiday, the deadline shifts to the next business day.

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Do I need to file Form 5498-ESA with state tax agencies?

It depends. Some states require you to file Form 5498-ESA directly, especially if state income tax was withheld or if you’re not using the IRS Combined Federal/State Filing Program (CF/SF). Requirements, deadlines, and formats vary by state.

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What are the differences between IRS Form 5498 and Form 5498-ESA, and what specific purposes do they serve?

IRS Form 5498 reports contributions, rollovers, conversions, and required minimum distributions (RMDs) for various types of Individual Retirement Accounts (IRAs), such as traditional IRAs, Roth IRAs, and SEP IRAs. Form 5498-ESA, on the other hand, specifically reports contributions to Coverdell Education Savings Accounts (ESAs), which are investment accounts for educational expenses. While Form 5498 tracks retirement savings activities, Form 5498-ESA focuses solely on educational savings.

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With Avalara 1099 & W-9, e-file, e-deliver, and e-correct the most common IRS form types

1042	1099-A	1099-LTC	3921
1042-S	1099-B	1099-MISC	3922
1094/1095	1099-C	1099-NEC	5498
1097-BTC	1099-CAP	1099-OID	5498-ESA
1098	1099-DIV	1099-PATR	5498-SA
1098-C	1099-G	1099-Q	T4A
1098-E	1099-INT	1099-R	W-2/2C
1098-Q	1099-K	1099-S	W-2G
1098-T	1099-LS	1099-SA

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W-9

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940/941

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