Form 5305 - Traditional Individual Retirement Trust Account

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5305

Traditional Individual Retirement Trust Account

Do not file

Form

with the Internal

(Rev. April 2017)

Revenue Service

(Under section 408(a) of the Internal Revenue Code)

Department of the Treasury

Internal Revenue Service

Name of grantor

Date of birth of grantor

Account number

Address of grantor

Check if amendment .

▶

Name of trustee

Address or principal place of business of trustee

The grantor named above is establishing a traditional individual retirement account under section 408(a) to provide for his or her retirement and for

the support of his or her beneficiaries after death.

The trustee named above has given the grantor the disclosure statement required by Regulations section 1.408-6.

The grantor has assigned the trust

dollars ($

) in cash.

The grantor and the trustee make the following agreement.

Article I

Except in the case of a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution to a

simplified employee pension plan as described in section 408(k) or a recharacterized contribution described in section 408A(d)(6), the trustee will

accept only cash contributions up to $5,500 per year for 2013 through 2017. For individuals who have reached the age of 50 by the end of the year, the

contribution limit is increased to $6,500 per year for 2013 through 2017. For years after 2017, these limits will be increased to reflect a cost-of-living

adjustment, if any.

Article II

The grantor’s interest in the balance in the trust account is nonforfeitable.

Article III

1. No part of the trust account funds may be invested in life insurance contracts, nor may the assets of the trust account be commingled with other

property except in a common trust fund or common investment fund (within the meaning of section 408(a)(5)).

2. No part of the trust account funds may be invested in collectibles (within the meaning of section 408(m)) except as otherwise permitted by section

408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion.

Article IV

1. Notwithstanding any provision of this agreement to the contrary, the distribution of the grantor’s interest in the trust account shall be made in

accordance with the following requirements and shall otherwise comply with section 408(a)(6) and the regulations thereunder, the provisions of which

are herein incorporated by reference.

2. The grantor’s entire interest in the trust account must be, or begin to be, distributed not later than the grantor’s required beginning date, April 1

following the calendar year in which the grantor reaches age 70½. By that date, the grantor may elect, in a manner acceptable to the trustee, to have

the balance in the trust account distributed in:

(a) A single sum or

(b) Payments over a period not longer than the life of the grantor or the joint lives of the grantor and his or her designated beneficiary.

3. If the grantor dies before his or her entire interest is distributed to him or her, the remaining interest will be distributed as follows:

(a) If the grantor dies on or after the required beginning date and:

(i) The designated beneficiary is the grantor’s surviving spouse, the remaining interest will be distributed over the surviving spouse’s life

expectancy, as determined each year until such spouse’s death, or over the period in paragraph (a)(iii) below if longer. Any interest remaining after the

spouse’s death will be distributed over such spouse’s remaining life expectancy as determined in the year of the spouse’s death and reduced by 1 for

each subsequent year, or, if distributions are being made over the period in paragraph (a)(iii) below, over such period.

(ii) The designated beneficiary is not the grantor’s surviving spouse, the remaining interest will be distributed over the beneficiary’s remaining life

expectancy as determined in the year following the death of the grantor and reduced by 1 for each subsequent year, or over the period in paragraph

(a)(iii) below if longer.

(iii) There is no designated beneficiary, the remaining interest will be distributed over the remaining life expectancy of the grantor as determined

in the year of the grantor’s death and reduced by 1 for each subsequent year.

(b) If the grantor dies before the required beginning date, the remaining interest will be distributed in accordance with paragraph (i) below or, if

elected or there is no designated beneficiary, in accordance with paragraph (ii) below:

4. If the grantor dies before his or her entire interest has been distributed and if the designated beneficiary is not the grantor’s surviving spouse, no

additional contributions may be accepted in the account.

(i) The remaining interest will be distributed in accordance with paragraphs (a)(i) and (a)(ii) above (but not over the period in paragraph (a)(iii),

even if longer), starting by the end of the calendar year following the year of the grantor’s death. If, however, the designated beneficiary is the grantor’s

surviving spouse, then this distribution is not required to begin before the end of the calendar year in which the grantor would have reached age 70½.

But, in such case, if the grantor’s surviving spouse dies before distributions are required to begin, then the remaining interest will be distributed in

accordance with paragraph (a)(ii) above (but not over the period in paragraph (a)(iii), even if longer), over such spouse’s designated beneficiary’s life

expectancy, or in accordance with paragraph (ii) below if there is no such designated beneficiary.

(ii) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the grantor’s death.

5. The minimum amount that must be distributed each year, beginning with the year containing the grantor’s required beginning date, is known as

the “required minimum distribution” and is determined as follows.

5305

Form

(Rev. 4-2017)

Cat. No. 11810K