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IRS.gov Website
Instructions for Form 5329
taxmap/instr2/i5329-009.htm#en_us_publink13330rd0e1367

taxmap/instr2/i5329-009.htm#TXMP09951be9
Part V—Additional Tax on Excess Contributions to Coverdell ESAs(p6)

rule
If the contributions to your Coverdell ESAs for 2014 were more than is allowable or you had an amount on line 33 of your 2013 Form 5329, you may owe this tax. But you may be able to avoid the tax on any 2014 excess contributions (see the instructions for line 31, later).
taxmap/instr2/i5329-009.htm#en_us_publink13330rd0e1380

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Line 26(p6)

rule
Enter the amount from line 32 of your 2013 Form 5329 only if the amount on line 33 of your 2013 Form 5329 is more than zero.
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Line 27(p6)

rule
Enter the excess, if any, of the maximum amount that can be contributed to your Coverdell ESAs for 2014 over the amount actually contributed for 2014. Your contribution limit is the smaller of $2,000 or the sum of the maximum amounts the contributor(s) to your Coverdell ESAs are allowed to contribute. The maximum contribution may be limited based on the contributor's modified AGI. See Contributions under chapter 7 in Pub. 970 for details.
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Line 28(p6)

rule
Enter your total distributions from Coverdell ESAs in 2014. Do not include rollovers or withdrawn excess contributions.
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Line 31(p6)

rule
Enter the excess of the contributions to your Coverdell ESAs for 2014 (unless withdrawn—discussed below) over your contribution limit for Coverdell ESAs. See the instructions for line 27 above to figure your contribution limit for Coverdell ESAs.
Do not include rollovers in figuring your excess contributions.
You can withdraw some or all of the excess contributions for 2014 and they will be treated as not 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, 2015. If you do, file an amended return. Report any related earnings for 2014 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the contributions as excess contributions on your original return, include an amended Form 5329 reflecting that the withdrawn contributions are no longer treated as having been contributed).