Q1. Is Education Savings IRA the same as Coverdell ESA? Schwab calls it the former.
A.1. For tax purposes, they are the same.
Q. 2. I contributed to Education Savings IRA account last year. I have not received any official form from Schwab such as a 1099 to file with my tax return. Do I need to report the contributions somehow to the IRS?
A.2. No. See AmyC's answer. For a state list of eligible plans, see:
http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_questio...
Q. 3. Searching online, I came across the form 5498-ESA. Do I need to fill this out if I don't have any distributions?
A. 4. No. It is not "filled out" by the account owner/taxpayer. It's something the custodian (Schwab) sends to you and the IRS. It's informational only. You do not "file it".
