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Federal Free Printable Form 5305-R (Rev. April 2017) for 2024 Federal Roth Individual Retirement Trust Account

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Roth Individual Retirement Trust Account
Form 5305-R (Rev. April 2017)

Form 5305-R (Rev. April 2017) Department of the Treasury Internal Revenue Service Roth Individual Retirement Trust Account Do not file with the Internal Revenue Service (Under section 408A of the Internal Revenue Code) Name of grantor Date of birth of grantor Account number Address of grantor Check if amendment . Name of trustee . . ▶ Address or principal place of business of trustee The grantor 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 trustee named above has given the grantor the disclosure statement required by Regulations section 1.408-6. The grantor has assigned the trust $ . The grantor and the trustee make the following agreement. Article I Except in the case of a qualified rollover contribution described in section 408A(e) or a recharacterized contribution described in section 408A(d)(6), the trustee 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 1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a grantor who is single or treated as single, the annual contribution is phased out between adjusted gross income (AGI) of $118,000 and $133,000; for a married grantor filing jointly, between AGI of $186,000 and $196,000; and for a married grantor filing separately, between AGI of $0 and $10,000. These phase-out ranges are for 2017. For years after 2017, the phase-out ranges, except for the $0 to $10,000 range, will be increased to reflect a cost-of-living adjustment, if any. Adjusted gross income is defined in section 408A(c)(3). 2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the grantor and his or her spouse. Article III The grantor’s interest in the balance in the trust account is nonforfeitable. Article IV 1. No part of the trust account funds may be invested in life insurance contracts, nor may the assets of the trust 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 trust 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 grantor dies before his or her entire interest is distributed to him or her and the grantor’s surviving spouse is not the designated beneficiary, the remaining interest will be distributed in accordance with paragraph (a) below or, if elected or there is no designated beneficiary, in accordance with paragraph (b) below. (a) The remaining interest will be distributed, starting by the end of the calendar year following the year of the grantor’s death, over the designated beneficiary’s remaining life expectancy as determined in the year following the death of the grantor. (b) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the grantor’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 grantor’s death and subtracting 1 from the divisor for each subsequent year. 3. If the grantor’s surviving spouse is the designated beneficiary, such spouse will then be treated as the grantor. Article VI 1. The grantor agrees to provide the trustee 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). 2. The trustee agrees to submit to the IRS and grantor the reports prescribed by the IRS. Cat. No. 25093N Form 5305-R (Rev. 4-2017) Form 5305-R (Rev. 4-2017) Page 2 Article VII Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through IV and this sentence will be controlling. Any additional articles inconsistent with section 408A, the related regulations, and other published guidance will be invalid. Article VIII This agreement will be amended as necessary to comply with the provisions of the Code, the related regulations, and other published guidance. Other amendments may be made with the consent of the persons whose signatures appear below. Article IX Article IX 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 pre-approved by the IRS. Grantor’s signature Date Trustee’s signature Date Witness’ signature Date (Use only if signature of the grantor or the trustee is required to be witnessed.) General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-R is a model trust account agreement that meets the requirements of section 408A. However, only Articles I through VIII have been reviewed by the IRS. A Roth individual retirement account (Roth IRA) is established after the form is fully executed by both the individual (grantor) and the trustee. This account must be created in the United States for the exclusive benefit of the grantor and his or her beneficiaries. Do not file Form 5305-R with the IRS. Instead, keep it with your records. Unlike contributions to traditional individual retirement arrangements, contributions to a Roth IRA are not deductible from the grantor’s gross income; and distributions after 5 years that are made when the grantor is 591/2 years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Roth IRAs, including the required disclosures the trustee must give the grantor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs). Definitions Trustee. The trustee 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 trustee. Grantor. The grantor is the person who establishes the trust account. Specific Instructions Article I. The grantor may be subject to a 6% tax on excess contributions if (1) contributions to other individual retirement arrangements of the grantor have been made for the same tax year, (2) the grantor’s adjusted gross income exceeds the applicable limits in Article II for the tax year, or (3) the grantor’s and spouse’s compensation is less than the amount contributed by or on behalf of them for the tax year. Article V. This article describes how distributions will be made from the Roth IRA after the grantor’s death. Elections made pursuant to this article should be reviewed periodically to ensure they correspond to the grantor’s intent. Under paragraph 3 of Article V, the grantor’s spouse is treated as the owner of the Roth IRA upon the death of the grantor, rather than as the beneficiary. If the spouse is to be treated as the beneficiary, and not the owner, an overriding provision should be added to Article IX. Article IX. Article IX and any that follow it may incorporate additional provisions that are agreed to by the grantor and trustee to complete the agreement. They may include, for example, definitions, investment powers, voting rights, exculpatory provisions, amendment and termination, removal of the trustee, trustee’s fees, state law requirements, beginning date of distributions, accepting only cash, treatment of excess contributions, prohibited transactions with the grantor, etc. Attach additional pages if necessary. Form 5305-R (Rev. 4-2017)
Extracted from PDF file 2023-federal-form-5305-r.pdf, last modified September 2017

More about the Federal Form 5305-R Individual Income Tax Tax Credit TY 2023

We last updated the Roth Individual Retirement Trust Account in February 2024, so this is the latest version of Form 5305-R, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 5305-R directly from TaxFormFinder. You can print other Federal tax forms here.

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-R.

Form Code Form Name
Form 5305-RA Roth Individual Retirement Custodial Account
Form 5305-RB Roth Individual Retirement Annuity Endorsement

Download all  tax forms View all 775 Federal Income Tax Forms

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-R from the Internal Revenue Service in February 2024.

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Form 5305-R is a Federal Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

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-R

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

2023 Form 5305-R

Form 5305-R (Rev. April 2017)

2022 Form 5305-R

Form 5305-R (Rev. April 2017)

2021 Form 5305-R

Form 5305-R (Rev. April 2017)

2020 Form 5305-R

Form 5305-R (Rev. April 2017)

2019 Form 5305-R

Form 5305-R (Rev. April 2017)

2018 Form 5305-R

Form 5305-R (Rev. April 2017)

2017 Form 5305-R

Form 5305-R (Rev. April 2017)

2016 Form 5305-R

Form 5305-R (Rev. March 2002)

Roth Individual Retirement Trust Account 2015 Form 5305-R

Form 5305-R (Rev. March 2002)

Roth Individual Retirement Trust Account 2012 Form 5305-R

Form 5305-R (Rev. March 2002)

Roth Individual Retirement Trust Account 2011 Form 5305-R

Form 5305-R (Rev. March 2002)

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