Form 5305-Ra - Roth Individual Retirement Custodial Account
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25305-RA
Form
Roth Individual Retirement Custodial Account
Do not file
(Rev. March 2002)
with the Internal
Revenue Service
(Under section 408A of the Internal Revenue Code)
Department of the Treasury
Internal Revenue Service
Name of depositor
Date of birth of depositor
Social security number
Address of depositor
Check if amendment
Name of custodian
Address or principal place of business of custodian
The depositor named above is establishing a Roth individual retirement account (Roth IRA) under section 408A 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 assigned the custodial account
$
The depositor and the custodian make the following agreement:
Article I
Except in the case of a rollover contribution described in section 408A(e), a recharacterized contribution described in section
408A(d)(6), or an IRA Conversion Contribution, 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
1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a single
depositor, the annual contribution is phased out between adjusted gross income (AGI) of $95,000 and $110,000; for a married
depositor filing jointly, between AGI of $150,000 and $160,000; and for a married depositor filing separately, between AGI of $0
and $10,000. In the case of a conversion, the custodian will not accept IRA Conversion Contributions in a tax year if the
depositor’s AGI for the tax year the funds were distributed from the other IRA exceeds $100,000 or if the depositor is married
and files a separate return. Adjusted gross income is defined in section 408A(c)(3) and does not include IRA Conversion
Contributions.
2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the depositor and his
or her spouse.
Article III
The depositor’s interest in the balance in the custodial account is nonforfeitable.
Article IV
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 V
1. If the depositor dies before his or her entire interest is distributed to him or her and the depositor’s surviving spouse is not
the designated beneficiary, the remaining interest will be distributed in accordance with (a) below or, if elected or there is no
designated beneficiary, in accordance with (b) below:
(a) The remaining interest will be distributed, starting by the end of the calendar year following the year of the depositor’s
death, over the designated beneficiary’s remaining life expectancy as determined in the year following the death of the
depositor.
(b) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s
death.
2. The minimum amount that must be distributed each year under paragraph 1(a) above is the account value at the close of
business 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 designated beneficiary using the attained age of the beneficiary in the year following the year of the
depositor’s death and subtracting 1 from the divisor for each subsequent year.
3. If the depositor’s surviving spouse is the designated beneficiary, such spouse will then be treated as the depositor.
Article VI
1. The depositor agrees to provide the custodian with all information necessary to prepare any reports required by sections
408(i) and 408A(d)(3)(E), Regulations sections 1.408-5 and 1.408-6, or other guidance published by the Internal Revenue Service
(IRS).
5305-RA
Cat. No. 25094Y
Form
(Rev. 3-2002)
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