How do I find our basis in the Coverdell ESA account?

[SabrinaD2]

When managing your Coverdell ESA account, check your Form 1099-Q. Box 3 on this form will normally show your basis, 

Calculating taxable amount

• If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return. If the distribution exceeds these expenses, then you must report the earnings on the excess as "other income" on your tax return. 
• When you pay a student’s school expenses with these funds, you cannot claim a tuition deduction or either of the educational tax credits for the same expense.