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IRS.gov Website
Instructions for Form 5329
taxmap/instr2/i5329-009.htm#TXMP1ea50826

taxmap/instr2/i5329-009.htm#TXMP09951be9
Part V—Additional Tax on Excess Contributions to Coverdell ESAs(p5)

rule
If the contributions to your Coverdell ESAs for 2011 were more than is allowable or you had an amount on line 33 of your 2010 Form 5329, you may owe this tax. But you may be able to avoid the tax on any 2011 excess contributions (see the instructions for line 31, later).
taxmap/instr2/i5329-009.htm#TXMP27a8b93b

taxmap/instr2/i5329-009.htm#TXMP76bf3755
Line 26(p5)

rule
Enter the amount from line 32 of your 2010 Form 5329 only if the amount on line 33 of your 2010 Form 5329 is more than zero.
taxmap/instr2/i5329-009.htm#TXMP1b5eff66

taxmap/instr2/i5329-009.htm#TXMP01b807c3
Line 27(p5)

rule
Enter the excess, if any, of the maximum amount that can be contributed to your Coverdell ESAs for 2011 (see the instructions for line 31 below) over the amount actually contributed for 2011.
taxmap/instr2/i5329-009.htm#TXMP4a22b8fd

taxmap/instr2/i5329-009.htm#TXMP6ef8e5ae
Line 28(p5)

rule
Enter your total distributions from Coverdell ESAs in 2011. Do not include rollovers or returned excess contributions.
taxmap/instr2/i5329-009.htm#TXMP59ec631c

taxmap/instr2/i5329-009.htm#TXMP0e3f6c49
Line 31(p5)

rule
Enter the excess of the contributions to your Coverdell ESAs for 2011 (not including rollovers) over your contribution limit for Coverdell ESAs. Your contribution limit is the smaller of $2,000 or the sum of the maximum amounts allowed to be contributed by the contributor(s) to your Coverdell ESAs. The maximum contribution may be limited based on the contributor's modified AGI. See Pub. 970 for details.
You can withdraw some or all of the excess contributions for 2011 and they will not be treated as having been contributed if:
If you filed your return without withdrawing the excess contributions, you can still make the withdrawal, but it must be made before June 1, 2012. If you do, file an amended return. Report any related earnings for 2011 on the amended return and include an explanation of the withdrawal. Make any other necessary changes on the amended return (for example, if you reported the contributions as excess contributions on your original return, include an amended Form 5329 reflecting that the withdrawn contributions are no longer treated as having been contributed).