Form 5305-A - Traditional Individual Retirement Custodial Account Page 2
Download a blank fillable Form 5305-A - Traditional Individual Retirement Custodial Account in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 5305-A - Traditional Individual Retirement Custodial Account with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
22
Form 5305-A (Rev. 3-2002)
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
1
⁄
, is the
2
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
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 depositor 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 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.
Depositor’s signature
Date
Custodian’s signature
Date
Witness’ signature
(Use only if signature of the depositor or the custodian is required to be witnessed.)
General Instructions
Definitions
Contributions to an IRA custodial account
for a nonworking spouse must be made to a
Custodian. The custodian must be a bank or
Section references are to the Internal
separate IRA custodial account established
savings and loan association, as defined in
Revenue Code unless otherwise noted.
by the nonworking spouse.
section 408(n), or any person who has the
Purpose of Form
approval of the IRS to act as custodian.
Specific Instructions
Depositor. The depositor is the person who
Form 5305-A is a model custodial account
establishes the custodial account.
Article IV. Distributions made under this
agreement that meets the requirements of
article may be made in a single sum, periodic
section 408(a) and has been pre-approved by
Identifying Number
payment, or a combination of both. The
the IRS. A traditional individual retirement
distribution option should be reviewed in the
account (traditional IRA) is established after
The depositor’s social security number will
year the depositor reaches age 70
1
⁄
to ensure
the form is fully executed by both the
serve as the identification number of his or
2
that the requirements of section 408(a)(6)
individual (depositor) and the custodian and
her IRA. An employer identification number
have been met.
must be completed no later than the due date
(EIN) is required only for an IRA for which a
of the individual’s income tax return for the
return is filed to report unrelated business
Article VIII. Article VIII and any that follow it
tax year (excluding extensions). This account
taxable income. An EIN is required for a
may incorporate additional provisions that are
must be created in the United States for the
common fund created for IRAs.
agreed to by the depositor and custodian to
exclusive benefit of the depositor and his or
complete the agreement. They may include,
Traditional IRA for Nonworking
her beneficiaries.
for example, definitions, investment powers,
Spouse
voting rights, exculpatory provisions,
Do not file Form 5305-A with the IRS.
amendment and termination, removal of the
Instead, keep it with your records.
Form 5305-A may be used to establish the
custodian, custodian’s fees, state law
For more information on IRAs, including the
IRA custodial account for a nonworking
requirements, beginning date of distributions,
required disclosures the custodian must give
spouse.
accepting only cash, treatment of excess
the depositor, see Pub. 590, Individual
contributions, prohibited transactions with the
Retirement Arrangements (IRAs).
depositor, etc. Attach additional pages if
necessary.
5305-A
Form
(Rev. 3-2002)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial