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Federal Free Printable Form 5305-A (Rev. April 2017) for 2019 Federal Traditional Individual Retirement Custodial Account

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Traditional Individual Retirement Custodial Account
Form 5305-A (Rev. April 2017)

Form 5305-A (Rev. April 2017) Department of the Treasury Internal Revenue Service Name of depositor Do not file with the Internal Revenue Service Traditional Individual Retirement Custodial Account (Under section 408(a) of the Internal Revenue Code) Date of birth of depositor Account 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 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. dollars ($ ) in cash. The depositor has 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 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 $5,500 per year for 2013 through 2017. For individuals who have reached the age of 50 by the end of the year, the contribution limit is increased to $6,500 per year for 2013 through 2017. For years after 2017, these 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 701/2. By that date, the depositor may elect, in a manner acceptable 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 paragraph (i) below or, if elected or there is no designated beneficiary, in accordance with paragraph (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 701/2. But, in such case, if the depositor’s surviving spouse dies before distributions are required to begin, then the remaining interest will be distributed in accordance with paragraph (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 paragraph (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. Cat. No. 11820G Form 5305-A (Rev. 4-2017) Form 5305-A (Rev. 4-2017) Page 2 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 701/2, is the 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 701/2, if applicable under paragraph 3(b)(i)) 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 individual specified in such paragraphs 3(a) and 3(b)(i). (c) The required minimum distribution for the year the depositor reaches age 701/2 can be made as late as April 1 of the following year. The 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 and may not imply that they have been reviewed or preapproved by the IRS. Depositor’s signature Date Custodian’s signature Date Witness’ signature Date (Use only if signature of the depositor or the custodian is required to be witnessed.) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) However, only Articles I through VII have been reviewed by the IRS. A traditional individual retirement account (traditional IRA) is established after the form is fully executed by both the individual (depositor) and the custodian. To make a regular contribution to a traditional IRA for a year, the IRA must be established no later than the due date of the individual’s income tax return for the tax year (excluding extensions). This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs). Definitions Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian. Depositor. The depositor is the person who establishes the custodial account. Traditional IRA for Nonworking Spouse Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse. Specific Instructions Article IV. Distributions made under this article may be made in a single sum, periodic payment, or a combination of both. The distribution option should be reviewed in the year the depositor reaches age 701/2 to ensure that the requirements of section 408(a) (6) have been met. Article VIII. Article VIII and any that follow it may incorporate additional provisions that are agreed to by the depositor and custodian to complete the agreement. They may include, for example, definitions, investment powers, voting rights, exculpatory provisions, amendment and termination, removal of the custodian, custodian’s fees, state law requirements, beginning date of distributions, accepting only cash, treatment of excess contributions, prohibited transactions with the depositor, etc. Attach additional pages if necessary. Form 5305-A (Rev. 4-2017)
Extracted from PDF file 2018-federal-form-5305-a.pdf, last modified September 2017

More about the Federal Form 5305-A Individual Income Tax TY 2018

We last updated the Traditional Individual Retirement Custodial Account in February 2019, so this is the latest version of Form 5305-A, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 5305-A directly from TaxFormFinder. You can print other Federal tax forms here.


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Related Federal Individual Income Tax Forms:

TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Federal Form 5305-A.

Form Code Form Name
Form 5305-A-SEP Salary Reduction Simplified Employee Pension--Individual Retirement Accounts Contribution Agreement

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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 5305-A from the Internal Revenue Service in February 2019.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Federal Form 5305-A

We have a total of six past-year versions of Form 5305-A in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2018 Form 5305-A

Form 5305-A (Rev. April 2017)

2017 Form 5305-A

Form 5305-A (Rev. March 2002)

2016 Form 5305-A

Form 5305-A (Rev. March 2002)

Traditional Individual Retirement Custodial Account 2015 Form 5305-A

Form 5305-A (Rev. March 2002)

Traditional Individual Retirement Custodial Account 2012 Form 5305-A

Form 5305-A (Rev. March 2002)

Traditional Individual Retirement Custodial Account 2011 Form 5305-A

Form 5305-A (Rev. March 2002)


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