Form 5305-Ea - Coverdell Education Savings Custodial Account (Under Section 530 Of The Internal Revenue Code) Page 2

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Form 5305-EA (Rev. 10-2016)
Page
Article VI
The responsible individual
may or
may not change the beneficiary designated under this agreement to another member of
the designated beneficiary’s family described in section 529(e)(2) in accordance with the custodian’s procedures.
Article VII
1. The depositor agrees to provide the custodian with all information necessary to prepare any reports required by section 530(h).
2. The custodian agrees to submit to the Internal Revenue Service (IRS) and responsible individual the reports prescribed by the IRS.
Article VIII
Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through III will be controlling. Any
additional articles inconsistent with section 530 and the related regulations will be invalid.
Article IX
This agreement will be amended as necessary to comply with the provisions of the Code and the related regulations. Other amendments
may be made with the consent of the depositor and the custodian whose signatures appear below.
Article X
Article X may be used for any additional provisions. If no other provisions will be added, draw a line through this space. If provisions are
added, they must comply with applicable requirements of state law and the Internal Revenue Code.
Depositor’s signature
Date
Custodian’s signature
Date
Witness’ signature
Date
(Use only if signature of the depositor or the custodian is required to be witnessed.)
General Instructions
Definitions
return for which is filed to report the depositor's
information. The designated beneficiary’s social
Custodian. The custodian must be a bank or
Section references are to the Internal Revenue
security number is the identification number of
savings and loan association, as defined in
Code unless otherwise noted.
his or her Coverdell ESA. If the designated
section 408(n), or any person who has the
beneficiary is a nonresident alien, the designated
What's New
approval of the IRS to act as custodian. Any
beneficiary’s individual taxpayer identification
person who may serve as a custodian of a
number is the identification number of his or her
Military death gratuity. Families of soldiers who
traditional IRA may serve as the custodian of a
Coverdell ESA. An employer identification
receive military death benefits may contribute,
Coverdell ESA.
number (EIN) is required only for a Coverdell
subject to certain limitations, up to 100 percent
Depositor. The depositor is the person who
ESA for which a return is filed to report unrelated
of such benefits into an educational savings
business income. An EIN is required for a
establishes the custodial account.
account. Publication 970, Tax Benefits for
common fund created for Coverdell ESAs.
Education, explains the rules for rolling over the
Designated beneficiary. The designated
military death gratuity and lists eligible family
beneficiary is the individual on whose behalf the
Specific Instructions
members.
custodial account has been established.
Purpose of Form
Note: The age limitation restricting contributions,
Family member. Family members of the
distributions, rollover contributions, and change
designated beneficiary include his or her
Form 5305-EA is a model custodial account
of beneficiary are waived for a designated
spouse, child, grandchild, sibling, parent, niece
agreement that meets the requirements of
beneficiary with special needs.
or nephew, son-in-law, daughter-in-law, father-
section 530(b)(1) and has been pre-approved by
in-law, mother-in-law, brother-in-law, or sister-in-
Article X. Article X and any that follow may
the IRS. A Coverdell education savings account
law, and the spouse of any such individual. A first
incorporate additional provisions that are agreed
(ESA) is established after the form is fully
cousin, but not his or her spouse, is also a
to by the depositor and custodian to complete
executed by both the depositor and the
“family member.”
the agreement. They may include, for example,
custodian. This account must be created in the
provisions relating to: definitions, investment
Responsible individual. The responsible
United States for the exclusive purpose of
powers, voting rights, exculpatory provisions,
individual, generally, is a parent or guardian of
paying the qualified elementary, secondary, and
amendment and termination, removal of the
the designated beneficiary. However, under
higher education expenses of the designated
custodian, custodian’s fees, state law
certain circumstances, the responsible individual
beneficiary.
requirements, treatment of excess contributions,
may be the designated beneficiary.
If the model account is a trust account, see
and prohibited transactions with the depositor,
Form 5305-E, Coverdell Education Savings
Identification Numbers
designated beneficiary, or responsible individual,
Trust Account.
etc. Attach additional pages as necessary.
The depositor’s and designated beneficiary’s
Do not file Form 5305-EA with the IRS.
Optional provisions in Article V and Article VI.
social security numbers will serve as their
Instead, the depositor must keep the completed
Form 5305-EA may be reproduced in a manner
identification numbers. If the depositor is a
form in its records.
nonresident alien and does not have an
that provides only those optional provisions
offered by the custodian.
identification number, write “Foreign” on the
5305-EA
Form
(Rev. 10-2016)

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