Form 5305-E - Coverdell Education Savings Trust Account (Under Section 530 Of The Internal Revenue Code) Page 2
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Form 5305-E (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 trustee’s procedures.
Article VII
1. The grantor agrees to provide the trustee with all information necessary to prepare any reports required by section 530(h).
2. The trustee 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 grantor and trustee 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.
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
section 408(n), or any person who has the
beneficiary is a nonresident alien, the
approval of the IRS to act as trustee. Any
designated beneficiary’s individual taxpayer
Section references are to the Internal
person who may serve as a trustee of a
identification number is the identification
Revenue Code unless otherwise noted.
traditional IRA may serve as the trustee of a
number of his or her Coverdell ESA. An
Coverdell ESA.
employer identification number (EIN) is
What's New
required only for a Coverdell ESA for which a
Grantor. The grantor is the person who
Military death gratuity. Families of soldiers
return is filed to report unrelated business
establishes the trust account.
who receive military death benefits may
income. An EIN is required for a common fund
contribute, subject to certain limitations, up to
Designated beneficiary. The designated
created for Coverdell ESAs.
100 percent of such benefits into an
beneficiary is the individual on whose behalf
educational savings account. Publication 970,
the trust account has been established.
Specific Instructions
Tax Benefits for Education, explains the rules
Family member. Family members of the
Note: The age limitation restricting
for rolling over the military death gratuity and
designated beneficiary include his or her
contributions, distributions, rollover
lists eligible family members.
spouse, child, grandchild, sibling, parent,
contributions, and change of beneficiary are
niece or nephew, son-in-law, daughter-in-law,
Purpose of Form
waived for a designated beneficiary with
father-in-law, mother-in-law, brother-in-law,
special needs.
Form 5305-E is a model trust account
or sister-in-law, and the spouse of any such
agreement that meets the requirements of
Article X. Article X and any that follow may
individual. A first cousin, but not his or her
section 530(b)(1) and has been pre-approved
incorporate additional provisions that are
spouse, is also a “family member.”
by the IRS. A Coverdell education savings
agreed to by the grantor and trustee to
Responsible individual. The responsible
account (ESA) is established after the form is
complete the agreement. They may include,
individual, generally, is a parent or guardian of
fully executed by both the grantor and the
for example, provisions relating to: definitions,
the designated beneficiary. However, under
trustee. This account must be created in the
investment powers, voting rights, exculpatory
certain circumstances, the responsible
United States for the exclusive purpose of
provisions, amendment and termination,
individual may be the designated beneficiary.
paying the qualified elementary, secondary,
removal of the trustee, trustee’s fees, state
and higher education expenses of the
Identification Numbers
law requirements, treatment of excess
designated beneficiary.
contributions, and prohibited transactions
The grantor and designated beneficiary’s
with the grantor, designated beneficiary, or
If the model account is a custodial account,
social security numbers will serve as their
responsible individual, etc. Attach additional
see Form 5305-EA, Coverdell Education
identification numbers. If the grantor is a
pages as necessary.
Savings Custodial Account.
nonresident alien and does not have an
identification number, write “Foreign” on the
Optional provisions in Article V and Article
Do not file Form 5305-E with the IRS.
return for which is filed to report the grantor's
VI. Form 5305-E may be reproduced in a
Instead, the grantor must keep the completed
information. The designated beneficiary’s
manner that provides only those optional
form in its records.
social security number is the identification
provisions offered by the trustee.
Definitions
number of his or her Coverdell ESA. If the
designated
Trustee. The trustee must be a bank or
savings and loan association, as defined in
5305-E
Form
(Rev. 10-2016)
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