Coverdell ESA basis

[wilrene374]

A Coverdell ESA was opened for my son a number of years ago, in the amount of $4000. It did well so we've taken a couple of distributions from it and it now still has $4300 left in it (we didn't make any more contributions). Is it correct to put $4000 in the "Basis in this Coverdell ESA account as of December 31, 2018" box on the TT "This Coverdell ESA" screen? Also, will the basis always be the same number?

[MarilynG1 · Accepted solution]

Yes, your Basis in the Coverell ESA is the amount you contributed to it. 

It will always be the same number, unless you make additional contributions. 

Click this link for more info about the Coverdell ESA.