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Official form guide
Form 5305: Traditional Individual Retirement Trust Account
IRS Form 5305 is a model trust agreement for a traditional individual retirement account. It must be completed by the grantor and trustee and kept with records; it is not filed with the IRS.
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IRS Form 5305 - Traditional Individual Retirement Trust Account
IRS Form 5305 is a model trust agreement for a traditional individual retirement account. It must be completed by the grantor and trustee and kept with records; it is not filed with the IRS.
Risk Radar
Scan points- 1Sending Form 5305 to the IRS.
- 2Leaving the ‘Check if amendment’ box unchecked when the agreement is an amendment.
- 3Omitting the grantor’s date of birth.
- 4Failing to enter the cash amount assigned to the trust.
- 5Not signing the grantor’s signature line.
Plain English
Form 5305 creates a trust that holds a traditional IRA. The person setting up the IRA (the grantor) and the bank or other trustee fill out the form and sign it. Once signed, the agreement is kept with your personal records, not sent to the IRS.
Submission Date
- Filing date: 2017-09-16 08:03:04
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when establishing a traditional individual retirement trust account under section 408(a).
- Do not use it when a filing must be submitted to the IRS, as the form is kept with personal records.
- Check Form 590-A instead when you need to report annual IRA contributions.
Form selector
Use this form or another form?
Need to report annual IRA contributions
IRS requires contributions to be reported on this form
✓ Verify contribution amount and eligibility
Need to report IRA distributions
Distributions must be reported on this form per IRS rules
✓ Confirm distribution date and taxable amount
Establishing a traditional IRA for a nonworking spouse
This form can create a separate IRA trust for a nonworking spouse
✓ Ensure spouse eligibility and separate account setup
Deadline or filing window
To open a traditional IRA, the model trust agreement must be completed by the tax‑return due date (excluding extensions) for the year in which the contribution is made. No extension is provided for this deadline.
Checklist
What you need before filling it out
Name of grantor
Grantor’s legal name · Form field on p.1
Date of birth of grantor
Birth certificate or driver’s license · Form field on p.1
Account number
Assigned trust account number · Form field on p.1
Name of trustee
Trustee’s legal name · Form field on p.1
Grantor’s signature
Handwritten signature of grantor · Signature line on p.2
Before you submit
- 1Verify grantor’s name is legible and complete
- 2Verify grantor’s date of birth matches supporting ID
- 3Enter the correct account number in the designated field
- 4Confirm grantor’s address is complete and current
- 5Enter trustee’s name exactly as it appears on legal documents
- 6Enter trustee’s principal place of business address
- 7Check the amendment box if this is a revision of an existing agreement
- 8Enter the cash amount assigned to the trust dollars
- 9Confirm no life insurance contracts are listed as investments
- 10Sign and date the grantor’s signature line
- 11Sign and date the trustee’s signature line
- 12Obtain witness signature and date if required
How to file this form
- 1Complete all required fields on Form 5305
- 2Obtain the trustee’s required disclosure statement under Reg. 1.408-6
- 3Secure signatures of the grantor, trustee, and witness (if needed) with dates
- 4Retain the fully executed Form 5305 with your personal records
Known limitations
- 1Applies only to traditional individual retirement accounts under section 408(a), not to Roth or other retirement plans — source states purpose is a model trust for traditional IRA (Form p.2).
- 2Must be established no later than the due date (excluding extensions) of the individual's income tax return for the year — source specifies this deadline (Form p.2).
- 3Investments cannot include life insurance contracts — source explicitly prohibits life insurance investments (Form p.1).
- 4Investments cannot include collectibles except permitted gold, silver, platinum coins and certain bullion — source lists the limited exceptions (Form p.1).
- 5Form is not filed with the IRS; it must be kept with personal records — source says "Do not file with the Internal Revenue Service" (Form p.1).
- 6Only Articles I through VII have been reviewed by the IRS; any additional articles inconsistent with section 408(a) are invalid — source notes this limitation (Form p.2).
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->Form 5305 (Rev. April 2017) is the current edition; the source does not indicate a later revision or changes beyond this date.
What changed or needs a fresh check
- Edition date — confirm revision reads April 2017
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — confirm grantor, trustee, and witness signatures with dates
Quick Facts
Downloads
After you file
- 1Retain the fully executed Form 5305 in personal records — source instructs to keep it with records (Form p.1).
- 2Do not send the form to the IRS; no filing confirmation will be received — source says "Do not file with the Internal Revenue Service" (Form p.1).
- 3Ensure the trustee provides the required disclosure statement as required by Regulations section 1.408-6 — source mentions trustee disclosure (Form p.1).
- 4Store the form in a safe place for future required minimum distribution calculations — implied by need for accurate account information (Form p.2).
- 5If an error is discovered, amend the agreement according to Article VII, having both grantor and trustee sign the amendment — source allows amendments (Form p.2).
- 6Maintain any supplemental articles or amendments alongside the original form for reference — source permits additional provisions with compliance (Form p.2).
- 7Keep copies of any reports the trustee submits to the IRS for your records — source states trustee submits reports (Form p.2).
- 8Periodically review the agreement to ensure continued compliance with section 408(a) and related regulations — general best practice derived from the agreement’s ongoing nature.
Sources
- SRCForm p.1 — Do not file with the Internal Revenue Service.
- SRCForm p.2 — Purpose is a model trust account agreement meeting the requirements of section 408(a).
- SRCForm p.2 — IRA must be established no later than the due date (excluding extensions) of the individual's income tax return for the year.
- SRCForm p.1 — No part of the trust account funds may be invested in life insurance contracts.
- SRCForm p.1 — No part of the trust account funds may be invested in collectibles except certain gold, silver, platinum coins and bullion.
- SRCForm p.2 — Trustee agrees to submit to the IRS the reports prescribed by the IRS (Article V).
- SRCForm p.2 — Article VII states the agreement will be amended as necessary to comply with the Code and regulations.
- SRCForm p.2 — Only Articles I through VII have been reviewed by the IRS; additional inconsistent articles are invalid.
- SRCForm p.1 — Keep the completed form with your records; it is not filed with the IRS.
Common confusion points
Do I need to mail Form 5305 to the IRS?
The form’s heading says "Do not file with the Internal Revenue Service" which many overlook.
→ Verify the form includes the statement "Do not file with the Internal Revenue Service" (Form p.1).
Can I invest my IRA money in a life insurance policy?
Section 408(a) prohibits life‑insurance contracts, but the form does not explicitly mention it to some filers.
→ Confirm the form states "No part of the trust account funds may be invested in life insurance contracts" (Form p.1).
Am I allowed to hold gold coins in my IRA?
Collectibles are generally prohibited, yet the form lists specific coin exceptions that cause confusion.
→ Check that the form lists the permitted gold, silver, and platinum coins under section 408(m) exceptions (Form p.1).
When must I set up the trust agreement?
Filers often think any time of year is fine, but the source ties the deadline to the tax return due date.
→ Ensure the trust is established no later than the due date (excluding extensions) of your income tax return for that year (Form p.2).
Do I have to file any IRS reports myself?
The form mentions reports but does not say who files them, leading to uncertainty.
→ Verify that Article V says the trustee, not the grantor, submits the required reports to the IRS (Form p.2).
If I change trustees, do I need a new Form 5305?
Changing a trustee may seem to require a new form, but the agreement can be amended.
→ Confirm that Article VII allows the agreement to be amended as necessary with signatures of the parties (Form p.2).
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 5305 – amend the agreement on the same form; the amendment box is checked and both grantor and trustee must sign.
Questions about IRS Form 5305
What is IRS Form 5305 used for?
Form 5305 creates a trust that holds a traditional IRA. The person setting up the IRA (the grantor) and the bank or other trustee fill out the form and sign it. Once signed, the agreement is kept with your personal records, not sent to the IRS.
Who must file IRS Form 5305?
The grantor who establishes the IRA and the trustee who holds the trust must complete and sign Form 5305.
What information does IRS Form 5305 require?
The form collects the grantor’s name, birth date, account number and address, the trustee’s name and business address, the cash amount assigned to the trust, and signatures of both parties.
When is IRS Form 5305 due?
The IRA must be established no later than the due date (excluding extensions) of the individual’s income‑tax return for that year.
Where do I file IRS Form 5305?
Form 5305 is not filed with the IRS; it is retained in the grantor’s records.
How do I complete IRS Form 5305?
Enter the grantor’s personal information, then the trustee’s name and business address. Record the cash amount assigned to the trust and check the amendment box if applicable. Both the grantor and the trustee sign, and a witness signs only if required. Keep the completed form with your records; do not send it to the IRS.
Do I need to mail Form 5305 to the IRS?
The form’s heading says "Do not file with the Internal Revenue Service" which many overlook. Verify the form includes the statement "Do not file with the Internal Revenue Service" (Form p.1).
Can I invest my IRA money in a life insurance policy?
Section 408(a) prohibits life‑insurance contracts, but the form does not explicitly mention it to some filers. Confirm the form states "No part of the trust account funds may be invested in life insurance contracts" (Form p.1).
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