No. 4 - How are Coverdell ESA contributions reported on a gift tax return?

http://www.savingforcollege.com/articles/no-4---how-are-coverdell-esa-contributions-reported-on-a-gift-tax-return

I understand that I have until April 15 of next year to make contributions to my child's Coverdell education savings account. If I wait until then, will the contribution count as a gift in 2002 or 2003? - BW Answer: Great question. The IRS has not yet issued any formal set of regulations covering Coverdell ESAs, nor have their technical people answered my inquiry yet on this particular topic. I believe the contribution you make to your child's ESA will count as a gift to your child in the year you make the contribution, even if you choose to label it as a prior-year contribution. If you are well below your $11,000 annual gift exclusion in the total amounts of gifts being made to any one individual in a given year (including ESA contributions and 529 plan contributions), the answer should not make any difference. But if you are close to the exclusion limit, or above it, then it could make a difference. Please check with your tax adviser.