Form 5305-A - Traditional Individual Retirement Custodial Account
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25305-A
Form
Traditional Individual Retirement Custodial Account
Do not file
(Rev. March 2002)
with the Internal
(Under section 408(a) of the Internal Revenue Code)
Revenue Service
Department of the Treasury
Internal Revenue Service
Name of depositor
Date of birth of depositor
Identifying number (see instructions)
Address of depositor
Check if amendment
Name of custodian
Address or principal place of business of custodian
The depositor named above is establishing a traditional individual retirement account under section 408(a) to provide for his or her retirement
and for the support of his or her beneficiaries after death.
The custodian named above has given the depositor the disclosure statement required by Regulations section 1.408-6.
The depositor has assigned the custodial account
dollars
($
) in cash.
The depositor and the custodian make the following agreement:
Article I
Except in the case of a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution
to a simplified employee pension plan as described in section 408(k), or a recharacterized contribution described in section 408A(d)(6), the
custodian will accept only cash contributions up to $3,000 per year for tax years 2002 through 2004. That contribution limit is increased to
$4,000 for tax years 2005 through 2007 and $5,000 for 2008 and thereafter. For individuals who have reached the age of 50 before the close of
the tax year, the contribution limit is increased to $3,500 per year for tax years 2002 through 2004, $4,500 for 2005, $5,000 for 2006 and 2007,
and $6,000 for 2008 and thereafter. For tax years after 2008, the above limits will be increased to reflect a cost-of-living adjustment, if any.
Article II
The depositor’s interest in the balance in the custodial account is nonforfeitable.
Article III
1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be
commingled with other property except in a common trust fund or common investment fund (within the meaning of section 408(a)(5)).
2. No part of the custodial account funds may be invested in collectibles (within the meaning of section 408(m)) except as otherwise permitted
by section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued under the laws of any state, and
certain bullion.
Article IV
1. Notwithstanding any provision of this agreement to the contrary, the distribution of the depositor’s interest in the custodial account shall be
made in accordance with the following requirements and shall otherwise comply with section 408(a)(6) and the regulations thereunder, the
provisions of which are herein incorporated by reference.
2. The depositor’s entire interest in the custodial account must be, or begin to be, distributed not later than the depositor’s required beginning
date, April 1 following the calendar year in which the depositor reaches age 70
1
⁄
. By that date, the depositor may elect, in a manner acceptable
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to the custodian, to have the balance in the custodial account distributed in:
(a) A single sum or
(b) Payments over a period not longer than the life of the depositor or the joint lives of the depositor and his or her designated beneficiary.
3. If the depositor dies before his or her entire interest is distributed to him or her, the remaining interest will be distributed as follows:
(a) If the depositor dies on or after the required beginning date and:
(i) the designated beneficiary is the depositor’s surviving spouse, the remaining interest will be distributed over the surviving spouse’s life
expectancy as determined each year until such spouse’s death, or over the period in paragraph (a)(iii) below if longer. Any interest remaining
after the spouse’s death will be distributed over such spouse’s remaining life expectancy as determined in the year of the spouse’s death and
reduced by 1 for each subsequent year, or, if distributions are being made over the period in paragraph (a)(iii) below, over such period.
(ii) the designated beneficiary is not the depositor’s surviving spouse, the remaining interest will be distributed over the beneficiary’s remaining
life expectancy as determined in the year following the death of the depositor and reduced by 1 for each subsequent year, or over the period in
paragraph (a)(iii) below if longer.
(iii) there is no designated beneficiary, the remaining interest will be distributed over the remaining life expectancy of the depositor as
determined in the year of the depositor’s death and reduced by 1 for each subsequent year.
(b) If the depositor dies before the required beginning date, the remaining interest will be distributed in accordance with (i) below or, if elected
or there is no designated beneficiary, in accordance with (ii) below:
(i) The remaining interest will be distributed in accordance with paragraphs (a)(i) and (a)(ii) above (but not over the period in paragraph (a)(iii),
even if longer), starting by the end of the calendar year following the year of the depositor’s death. If, however, the designated beneficiary is the
depositor’s surviving spouse, then this distribution is not required to begin before the end of the calendar year in which the depositor would
have reached age 70
1
⁄
. But, in such case, if the depositor’s surviving spouse dies before distributions are required to begin, then the remaining
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interest will be distributed in accordance with (a)(ii) above (but not over the period in paragraph (a)(iii), even if longer), over such spouse’s
designated beneficiary’s life expectancy, or in accordance with (ii) below if there is no such designated beneficiary.
(ii) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s death.
4. If the depositor dies before his or her entire interest has been distributed and if the designated beneficiary is not the depositor’s surviving
spouse, no additional contributions may be accepted in the account.
5305-A
Cat. No. 11820G
Form
(Rev. 3-2002)
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