Fillable Form 5305-A - Traditional Individual Retirement Custodial Account (Page 2 of 2) in pdf

Form 5305-A (Rev. 4-2017)

Page

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

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

(a) The required minimum distribution under paragraph 2(b) for any year, beginning with the year the depositor reaches age 70

, is the

depositor’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 depositor’s designated beneficiary is his or her surviving spouse, the required minimum

distribution for a year shall not be more than the depositor’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 depositor’s (or, if applicable, the depositor 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 depositor’s

death (or the year the depositor would have reached age 70

, 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).

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 depositor agrees to provide the custodian 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 custodian agrees to submit to the Internal Revenue Service (IRS) and depositor 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.

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

For more information on IRAs, including the

separate IRA custodial account established

required disclosures the custodian must give

by the nonworking spouse.

Section references are to the Internal

the depositor, see Pub. 590-A, Contributions

Specific Instructions

Revenue Code unless otherwise noted.

to Individual Retirement Arrangements (IRAs),

and Pub. 590-B, Distributions from Individual

Article IV. Distributions made under this

Purpose of Form

Retirement Arrangements (IRAs).

article may be made in a single sum, periodic

payment, or a combination of both. The

Form 5305-A is a model custodial account

Definitions

distribution option should be reviewed in the

agreement that meets the requirements of

section 408(a) However, only Articles I

Custodian. The custodian must be a bank or

year the depositor reaches age 70

ensure that the requirements of section 408(a)

through VII have been reviewed by the IRS. A

savings and loan association, as defined in

(6) have been met.

traditional individual retirement account

section 408(n), or any person who has the

(traditional IRA) is established after the form is

approval of the IRS to act as custodian.

Article VIII. Article VIII and any that follow it

fully executed by both the individual

may incorporate additional provisions that are

Depositor. The depositor is the person who

(depositor) and the custodian. To make a

agreed to by the depositor and custodian to

establishes the custodial account.

regular contribution to a traditional IRA for a

complete the agreement. They may include, for

year, the IRA must be established no later

Traditional IRA for Nonworking

example, definitions, investment powers, voting

than the due date of the individual’s income

Spouse

rights, exculpatory provisions, amendment and

tax return for the tax year (excluding

termination, removal of the custodian,

extensions). This account must be created in

Form 5305-A may be used to establish the

custodian’s fees, state law requirements,

the United States for the exclusive benefit of

IRA custodial account for a nonworking

beginning date of distributions, accepting only

the depositor and his or her beneficiaries.

spouse.

cash, treatment of excess contributions,

prohibited transactions with the depositor, etc.

Do not file Form 5305-A with the IRS.

Contributions to an IRA custodial account

Attach additional pages if necessary.

Instead, keep it with your records.

for a nonworking spouse must be made to a

5305-A

Form

(Rev. 4-2017)

Form 5305-A - Traditional Individual Retirement Custodial Account Page 2

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