Form 5305 - Traditional Individual Retirement Trust Account Page 2
Download a blank fillable Form 5305 - Traditional Individual Retirement Trust Account in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 5305 - Traditional Individual Retirement Trust Account with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Version A, Cycle 2
2
Form 5305 (Rev. 4-2017)
Page
(a) The required minimum distribution under paragraph 2(b) for any year, beginning with the year the grantor reaches age 70½, is the grantor’s
account value at the close of business on December 31 of the preceding year divided by the distribution period in the uniform lifetime table in
Regulations section 1.401(a)(9)-9. However, if the grantor’s designated beneficiary is his or her surviving spouse, the required minimum distribution for
a year shall not be more than the grantor’s account value at the close of business on December 31 of the preceding year divided by the number in the
joint and last survivor table in Regulations section 1.401(a)(9)-9. The required minimum distribution for a year under this paragraph (a) is determined
using the grantor’s (or, if applicable, the grantor and spouse’s) attained age (or ages) in the year.
(b) The required minimum distribution under paragraphs 3(a) and 3(b)(i) for a year, beginning with the year following the year of the grantor’s death
(or the year the grantor would have reached age 70½, if applicable under paragraph 3(b)(i)) is the account value at the close of business on December
31 of the preceding year divided by the life expectancy (in the single life table in Regulations section 1.401(a)(9)-9) of the individual specified in such
paragraphs 3(a) and 3(b)(i).
(c) The required minimum distribution for the year the grantor reaches age 70½ can be made as late as April 1 of the following year. The required
minimum distribution for any other year must be made by the end of such year.
6. The owner of two or more traditional IRAs may satisfy the minimum distribution requirements described above by taking from one traditional IRA
the amount required to satisfy the requirement for another in accordance with the regulations under section 408(a)(6).
Article V
1. The grantor agrees to provide the trustee with all information necessary to prepare any reports required by section 408(i) and Regulations sections
1.408-5 and 1.408-6.
2. The trustee agrees to submit to the Internal Revenue Service (IRS) and grantor the reports prescribed by the IRS.
Article VI
Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through III and this sentence will be controlling.
Any additional articles inconsistent with section 408(a) and the related regulations will be invalid.
Article VII
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 persons whose signatures appear below.
Article VIII
Article VIII 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 and may not imply that they have been reviewed or pre-
approved by the IRS.
Grantor’s signature
Date
Trustee’s signature
Date
Witness’ signature
Date
(Use only if signature of the grantor or the trustee is required to be witnessed.)
General Instructions
For more information on IRAs, including the
separate IRA trust account established by the
required disclosures the trustee must give the
nonworking spouse.
Section references are to the Internal Revenue
grantor, see Pub. 590-A, Contributions to
Specific Instructions
Code unless otherwise noted.
Individual Retirement Arrangements (IRAs),
and Pub. 590-B, Distributions from Individual
Purpose of Form
Article IV. Distributions made under this
Retirement Arrangements (IRAs).
article may be made in a single sum, periodic
Form 5305 is a model trust account
payment, or a combination of both. The
Definitions
agreement that meets the requirements of
distribution option should be reviewed in the
section 408(a). However, only Articles I
Trustee. The trustee must be a bank or
year the grantor reaches age 70½ to ensure
through VII have been reviewed by the IRS. A
savings and loan association, as defined in
that the requirements of section 408(a)(6)
traditional individual retirement account
section 408(n), or any person who has the
have been met.
(traditional IRA) is established after the form is
approval of the IRS to act as trustee.
Article VIII. Article VIII and any that follow it
fully executed by both the individual (grantor)
Grantor. The grantor is the person who
may incorporate additional provisions that are
and the trustee. To make a regular
establishes the trust account.
agreed to by the grantor and trustee to
contribution to a traditional IRA for a year, the
complete the agreement. They may include,
IRA must be established no later than the due
Traditional IRA for Nonworking
for example, definitions, investment powers,
date (excluding extensions) of the individual’s
Spouse
voting rights, exculpatory provisions,
income tax return for the year. This account
amendment and termination, removal of the
must be created in the United States for the
Form 5305 may be used to establish the IRA
trustee, trustee’s fees, state law requirements,
exclusive benefit of the grantor and his or her
trust for a nonworking spouse.
beginning date of distributions, accepting only
beneficiaries.
Contributions to an IRA trust account for a
cash, treatment of excess contributions,
Do not file Form 5305 with the IRS. Instead,
nonworking spouse must be made to a
prohibited transactions with the grantor, etc.
keep it with your records.
Attach additional pages if necessary.
5305
Form
(Rev. 4-2017)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial