IRS Yawns Over Fewer Education Savings Form Filings
Published Date: 3/4/2025
Notice
Summary
The IRS is asking for your thoughts on the paperwork for Coverdell ESA contributions, which help save for education. No changes to the form itself, but fewer people are expected to file it, so the overall paperwork burden is going down. If you’re a business handling these accounts, you’ve got until May 5, 2025, to share your feedback—no extra costs or new rules, just a smoother process!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Coverdell ESA reporting paperwork falls
If you are a trustee or issuer reporting Coverdell Education Savings Account activity on Form 5498-ESA, the IRS says there is no change to the form but the overall paperwork burden has decreased based on recent filing estimates. The IRS estimates 111,200 respondents, about 6 minutes per respondent, and 13,344 total annual burden hours; stakeholders may submit comments by May 5, 2025.
Tax information confidentiality and records rule
The notice reminds that books or records tied to this information collection must be retained if their contents may be material to administering internal revenue laws, and that tax returns and tax return information are generally confidential under 26 U.S.C. 6103.
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