alex227
New Member

Due to income limits I've realized I overcontributed to Coverdell accounts for my two kids for 2015 and 2016. I want to transfer all the money to their 529 accounts, how

I first contributed to Coverdell Education Saving Accounts for my two kids in 2014 ($450 each).  I contributed again in 2015 ($1,800 each) and the current year for 2016 ($1,200 each before I stopped).  I have realized due to income I wasn't allowed to contribute for 2015 or 2016 (although I was for 2014).  I am now wondering what I need to do and how to report on my taxes for 2016 and/or prior years.  I'm also hoping to just transfer it all to their 529s (it is currently sitting in the Coverdell accounts at TIAA-Cref), so I'm wondering how I would do that and how to report it for tax purposes.  Thank you.