SIA Submits Comments to the IRS on Coverdell ESA Reporting(2)
Published on:
September 26, 2003
The Securities Industry Association (SIA)* provides comments to the Internal Revenue Service (IRS) on Coverdell ESA reporting. SIA believes some of the information requested on forms 1099-Q and 5498-ESA, specifically the cost basis of distributions, may be impossible to obtain and most cases the taxpayer is the best or only source of cost basis information. SIA suggests the IRS to reconsider the requirement to report the basis portion of distributions on form 1099-Q, the new requirement to calculate earnings on excess contributions and the establishing of a more reasonable reporting deadline.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.