Is "Total Value of This Coverdell ESA Account as of December 31, 2021, Plus Any Rollovers Not Yet Deposited" the same as the Fair Market Value?

tyler-leeann · ‎February 3, 2022

My Form 1099-Q has a box that says "Coverdell ESA fair market value (FMV) as of 12-31-21". Do I enter this amount in the box that I've listed above?

KrisD15 · ‎February 4, 2022

Yes, as long as you do not have any outstanding rollovers that need to be accounted for.

In other words, it is possible to close an account and move it to another account. The TurboTax program is asking if this could apply to your situation.

If you don't have any pending transaction for this account, the amount reported on the 1099-Q would be accurate.

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Is "Total Value of This Coverdell ESA Account as of December 31, 2021, Plus Any Rollovers Not Yet Deposited" the same as the Fair Market Value?