Fillable Form 5305-Ra - Roth Individual Retirement Custodial Account (Page 2 of 2) in pdf

Form 5305-RA (Rev. 4-2017)

Page

2. The custodian agrees to submit to the IRS and depositor the reports prescribed by the IRS.

Article VII

Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through IV and this sentence will

be controlling. Any additional articles inconsistent with section 408A, the related regulations, and other published guidance will be

invalid.

Article VIII

This agreement will be amended as necessary to comply with the provisions of the Code, the related regulations, and other

published guidance. Other amendments may be made with the consent of the persons whose signatures appear below.

Article IX

Article IX 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

to $10,000), are not includible in gross

compensation is less than the amount

income. For more information on Roth

contributed by or on behalf of them for

Section references are to the Internal

IRAs, including the required disclosures

the tax year.

Revenue Code unless otherwise noted.

the custodian must give the depositor,

Article V. This article describes how

see Pub. 590-A, Contributions to

distributions will be made from the Roth

Purpose of Form

Individual Retirement Arrangements

IRA after the depositor’s death. Elections

(IRAs), and Pub. 590-B, Distributions

Form 5305-RA is a model custodial

made pursuant to this article should be

from Individual Retirement Arrangements

account agreement that meets the

reviewed periodically to ensure they

(IRAs).

requirements of section 408A. However,

correspond to the depositor’s intent.

only Articles I through VIII have been

Definitions

Under paragraph 3 of Article V, the

reviewed by the IRS. A Roth individual

depositor’s spouse is treated as the

Custodian. The custodian must be a

retirement account (Roth IRA) is

owner of the Roth IRA upon the death of

bank or savings and loan association, as

established after the form is fully

the depositor, rather than as the

defined in section 408(n), or any person

executed by both the individual

beneficiary. If the spouse is to be treated

who has the approval of the IRS to act

(depositor) and the custodian. This

as the beneficiary, and not the owner, an

as custodian.

account must be created in the United

overriding provision should be added to

States for the exclusive benefit of the

Article IX.

Depositor. The depositor is the person

depositor and his or her beneficiaries.

who establishes the custodial account.

Article IX. Article IX and any that follow

Do not file Form 5305-RA with the

it may incorporate additional provisions

Specific Instructions

IRS. Instead, keep it with your records.

that are agreed to by the depositor and

custodian to complete the agreement.

Unlike contributions to traditional

Article I. The depositor may be subject

They may include, for example,

individual retirement arrangements,

to a 6% tax on excess contributions if

definitions, investment powers, voting

contributions to a Roth IRA are not

(1) contributions to other individual

rights, exculpatory provisions,

deductible from the depositor’s gross

retirement arrangements of the depositor

amendment and termination, removal of

income; and distributions after 5 years

have been made for the same tax year,

the custodian, custodian’s fees, state

that are made when the depositor is

(2) the depositor’s adjusted gross

law requirements, beginning date of

years of age or older or on account

income exceeds the applicable limits in

distributions, accepting only cash,

Article II for the tax year, or (3) the

of death, disability, or the purchase of a

treatment of excess contributions,

home by a first-time homebuyer (limited

depositor’s and spouse’s

prohibited transactions with the

to $10,000), are not includible in gross

depositor, etc. Attach additional pages if

necessary.

5305-RA

Form

(Rev. 4-2017)

Form 5305-Ra - Roth Individual Retirement Custodial Account Page 2

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