Form 5306 - Application For Approval Of Prototype Or Employer Sponsored Individual Retirement Arrangement (Ira) Page 3

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Form 5306 (Rev. 8-2013)

Page

General Instructions

Where to file. File Form 5306 with the

You are not required to provide the

information requested on a form that is

Internal Revenue Service, Attention: EP

subject to the Paperwork Reduction Act

Section references are to the Internal

Opinion Letters, P.O. Box 27063,

unless the form displays a valid OMB

Revenue Code unless otherwise noted.

McPherson Station, Washington, DC

control number. Books or records

20038.

Future developments. For the latest

relating to a form or its instructions must

information about developments related

Address. Include the suite, room, or

be retained as long as their contents

to Form 5306 and its instructions, such

other unit number after the street

may become material in the

as legislation enacted after this form and

number. If the Post Office does not

administration of any Internal Revenue

instructions were published, go to

deliver mail to the street address and

law.

you have a P.O. box, show the box

Generally, tax returns and return

number instead of the street address.

Purpose of form. Sponsoring

information are confidential, as stated in

organizations, employers, or employee

Signature. An officer who is authorized

section 6103. However, section 6103

associations, use Form 5306 to request

to sign or another person authorized

allows or requires the Internal Revenue

a ruling as to:

under a power of attorney must sign this

Service to disclose or give such

application. Send the power of attorney

information to the Department of Justice

• Whether a trust or custodial account

with this application when you file it.

for civil and criminal litigation, and to

agreement meets the requirements of

cities, states, the District of Columbia,

section 408(a), 408(c), 408(p), or 408A,

Specific Instructions

U.S. commonwealths and possessions

for use in administering their tax laws.

User fee. All applications must be

• Whether an individual annuity meets

We may also disclose this information to

the requirements of section 408(b),

accompanied by the appropriate user

other countries under a tax treaty, to

408(p), or 408A.

fee. Applications submitted without the

federal and state agencies to enforce

proper user fee will not be processed

federal nontax criminal laws, or to

Who May File

and will be returned to the applicant.

federal law enforcement and intelligence

agencies to combat terrorism.

Opinion letters on prototype IRAs.

To find the proper user fee, see Rev.

Form 5306 may be filed by a sponsoring

Proc. 2013-8, 2013-1 I.R.B. 237,

The time needed to complete and file

organization that is:

available at

this form will vary depending on

individual circumstances. The estimated

• A bank (including savings and loan

or the current superseding revenue

average time is:

associations that qualify as banks and

procedure.

federally insured credit unions),

Recordkeeping .

. 11 hr., 43 min.

Line 2c. If you are amending your plan,

• Any person who has IRS approval to

Learning about the

enter the file folder number, letter serial

act as a trustee or custodian,

law or the form .

53 min.

number, and date from the latest opinion

• An insurance company,

letter you received for your plan.

Preparing and sending

the form to the IRS

. 1 hr., 7 min.

• A regulated investment company, or

Line 7c. Identify the endorsement,

contract, or both for which you are

If you have comments concerning the

• A trade or professional society or

requesting an opinion letter.

accuracy of these time estimates or

association (other than employee

suggestions for making this form

associations).

Privacy Act and Paperwork

simpler, we would be happy to hear

Rulings under section 408(c).

Reduction Act Notice

from you. You can send us comments

Employers or employee associations

from Click on

who want a ruling under section 408(c)

We ask for the information on this form

"More Information" and then on

for a trust which will be used for

to carry out the Internal Revenue laws of

"Comment on Tax Forms and

individual retirement accounts may file

the United States. We need it to ensure

Publications." Or you can send your

this form. The term “employee

that you are complying with these laws

comments to Internal Revenue Service,

association” means any organization

and to allow us to figure and collect the

Tax Forms and Publications Division,

composed of two or more employees,

right amount of tax. This information is

1111 Constitution Ave. NW, IR-6526,

including, but not limited to, an

needed to process your application and

Washington, DC 20224. Do not send the

employee association described in

to determine whether your individual

form to this address. Instead, see Where

section 501(c)(4).

retirement account or individual

to file.

retirement annuity meets the

Who does not need to file. Sponsors of

requirements of section 408(a), 408(b),

programs that use any of the Form 5305

408(c), 408(p), or 408A. You are not

series of model forms should not submit

required to apply for approval; however,

their programs to the Internal Revenue

if you want to receive a ruling from the

Service. These model forms, issued by

IRS regarding your prototype or

the Service, contain language that, if

employee sponsored individual

followed, will satisfy the applicable

retirement arrangement, you are required

statutory requirements.

to provide the information requested on

What to file. File Form 5306 and a copy

this form. Section 6109 requires you to

of the trust, custodial account, or

provide the requested identification

annuity contract and all other applicable

numbers. Failure to provide the

documents. If you are requesting an

information may delay or prevent

opinion letter for an annuity where all the

processing your application; providing

Internal Revenue Code requirements are

any false information may subject you to

set forth in a separate endorsement that

penalties.

supersedes any conflicting language in

any contract to which it may be

attached, submit the endorsement and

not the contract.

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