Form 5305 - Traditional Individual Retirement Trust Account Page 2
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Form 5305 (Rev. 3-2002)
Page
(a) The required minimum distribution under paragraph 2(b) for any year, beginning with the year the grantor reaches age 70
1
⁄
, is the grantor’s
2
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 70
1
⁄
, if applicable under paragraph 3(b)(i)) is the account value at the close of business
2
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 70
1
⁄
can be made as late as April 1 of the following year. The
2
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.
Grantor’s signature
Date
Trustee’s signature
Date
Witness’ signature
(Use only if signature of the grantor or the trustee is required to be witnessed.)
General Instructions
Definitions
separate IRA trust account established by the
nonworking spouse.
Trustee. The trustee must be a bank or
Section references are to the Internal
savings and loan association, as defined in
Specific Instructions
Revenue Code unless otherwise noted.
section 408(n), or any person who has the
Purpose of Form
Article IV. Distributions made under this
approval of the IRS to act as trustee.
article may be made in a single sum, periodic
Form 5305 is a model trust account
Grantor. The grantor is the person who
payment, or a combination of both. The
agreement that meets the requirements of
establishes the trust account.
distribution option should be reviewed in the
section 408(a) and has been pre-approved by
year the grantor reaches age 70
1
⁄
to ensure
Identifying Number
2
the IRS. A traditional individual retirement
that the requirements of section 408(a)(6)
account (traditional IRA) is established after
The grantor’s social security number will
have been met.
the form is fully executed by both the
serve as the identifying number of his or her
Article VIII. Article VIII and any that follow it
individual (grantor) and the trustee and must
IRA. An employer identification number (EIN)
may incorporate additional provisions that are
be completed no later than the due date
is required only for an IRA for which a return
agreed to by the grantor and trustee to
(excluding extensions) of the individual’s
is filed to report unrelated business taxable
complete the agreement. They may include,
income tax return for the tax year. This
income. An EIN is required for a common
for example, definitions, investment powers,
account must be created in the United States
fund created for IRAs.
voting rights, exculpatory provisions,
for the exclusive benefit of the grantor and
Traditional IRA for Nonworking
amendment and termination, removal of the
his or her beneficiaries.
trustee, trustee’s fees, state law
Spouse
Do not file Form 5305 with the IRS.
requirements, beginning date of distributions,
Instead, keep it with your records.
Form 5305 may be used to establish the IRA
accepting only cash, treatment of excess
trust for a nonworking spouse.
For more information on IRAs, including the
contributions, prohibited transactions with the
required disclosures the trustee must give the
Contributions to an IRA trust account for a
grantor, etc. Attach additional pages if
grantor, see Pub. 590, Individual Retirement
nonworking spouse must be made to a
necessary.
Arrangements (IRAs).
5305
Form
(Rev. 3-2002)
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