I was just informed by my father of a small Coverdell ESA in my name. Unfortunately, I'm now 34 and am aware that per the tax laws, this account was to be distributed fully by the time I was 30. What I'm trying to figure out is, to go ahead and distribute this now (with penalties, of course), do I need to do anything special or just use the appropriate 1099 and move on? Can I expect any additional penalties because of the elapsed time?
