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Form 5305: Traditional Individual Retirement Trust Account
IRS Form 5305 is a model trust account agreement that establishes a Traditional Individual Retirement Trust Account under section 408(a). This form requires the grantor and trustee signatures, noting that distributions must begin by April 1 following the calendar year in which the grantor reaches age 70½.
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IRS Form 5305 - Traditional Individual Retirement Trust Account
IRS Form 5305 is a model trust account agreement that establishes a Traditional Individual Retirement Trust Account under section 408(a). This form requires the grantor and trustee signatures, noting that distributions must begin by April 1 following the calendar year in which the grantor reaches age 70½.
Risk Radar
Scan points- 1Do not file Form 5305 with the Internal Revenue Service; keep the executed form only for your records.
- 2Failing to establish the account by the due date (excluding extensions) for regular contributions.
- 3Not assigning 'trust dollars ($ ) in cash' as required by the agreement.
- 4The trustee must be a bank or savings and loan association, or approved by the IRS.
- 5Excluding the grantor’s name, date of birth, and account number on Form 5305.
Plain English
This form creates a formal trust account to manage retirement savings according to specific IRS rules. It outlines who controls the money and when funds must start being paid out to the grantor or beneficiaries. Both the person establishing the trust (grantor) and the manager (trustee) must sign this document to make it official.
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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Glossary Terms
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What this form is for
- Use this form when establishing a model trust account agreement for a Traditional Individual Retirement Account under section 408(a).
- Do not use it when submitting to the Internal Revenue Service; instead, keep it with your records.
- Check Pub. 590-A or Pub. 590-B regarding contributions and distributions from Individual Retirement Arrangements (IRAs).
Form selector
Use this form or another form?
Need guidance on reporting contributions to an IRA account?
This publication provides necessary information regarding contributions made to Individual Retirement Arrangements (IRAs) according to IRS guidelines.
✓ Confirm the type and deadline for any contributions before proceeding.
Needing help tracking distributions from an IRA?
This publication details information about distributions taken from Individual Retirement Arrangements (IRAs), including required minimum distribution calculations.
✓ Ensure your planned withdrawals comply with rules found in Pub 590-B.
Are there specific articles controlling the trust agreement?
Articles I through III and Article VI control the provisions, and additional articles inconsistent with section 408(a) are invalid.
✓ Verify that any added custom language does not conflict with established federal tax law.
Deadline or filing window
Distributions must start no later than the grantor’s required beginning date, which is April 1 following the calendar year in which the grantor reaches age 70½. If the grantor dies on or after this date, the remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the grantor’s death.
Checklist
What you need before filling it out
Grantor identification
Name, Date of birth, and Address of grantor · Form 5305, Department of the Treasury Internal Revenue Service Traditional Individual Retirement Trust Account (under section 408(a) of the Internal Revenue Code)
Account Establishment
The agreement that the grantor is establishing a traditional individual retirement account under section 408(a) · Form 5305, Article I
Required Beginning Date
The date that is April 1 following the calendar year in which the grantor reaches age 70½ · Form 5305, Article I.2
Investment Restrictions
Acknowledgement that funds cannot be invested in life insurance contracts or collectibles (unless specifically permitted) · Form 5305, Article I.1 and I.2
Filing Instructions
Confirmation that the form is not to be filed with the IRS, but kept with records · Form 5305, Purpose of Form (page 2)
How to file this form
- 1Complete sections listing the Name, Date of birth, and Address of the grantor and trustee.
- 2Document the grant dollars assigned in cash on Form 5305, Article I.1.
- 3Review Articles IV, VI, and VIII to formally agree upon specific distribution rules and additional provisions between the parties.
- 4Sign the document with both Grantor's signature and Trustee's signature (and Witness if required) to finalize the agreement.
- 5Retain the fully executed Form 5305 with your records; do not file it with the Internal Revenue Service.
Known limitations
- 1The trust account cannot invest funds in life insurance contracts or commingle assets with other property unless it is a common trust fund or common investment fund.
- 2Funds cannot be invested in collectibles (within the meaning of section 408(m)) except for certain gold, silver, and platinum coins, state-issued coins, and certain bullion.
- 3The account must be created in the United States for the exclusive benefit of the grantor and his or her beneficiaries.
- 4Do not file Form 5305 with the Internal Revenue Service; instead, keep it with your records.
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.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Form 5305 (Rev. April 2017). The IRS has reviewed only Articles I through VII of the form.
What changed or needs a fresh check
- Edition date — confirm the revision date reads April 2017
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Confirm spaces for Grantor’s signature and Trustee’s signature are included
Quick Facts
Downloads
After you file
- 1Keep Form 5305 with your records, as it should not be filed with the Internal Revenue Service.
- 2Article VII specifies that the agreement will be amended as necessary to comply with provisions of the Code and related regulations.
- 3The trust account must be established in the United States for the exclusive benefit of the grantor and his or her beneficiaries.
- 4Use Pub. 590-A and Pub. 590-B for more detailed information on required disclosures.
Sources
- SRCForm p.1 — The general purpose of Form 5305 is establishing a traditional individual retirement account under section 408(a).
- SRCForm p.1 — Investments are restricted from life insurance contracts and commingling with other property.
- SRCForm p.2 — Do not file Form 5305 with the Internal Revenue Service; instead, keep it with your records.
- SRCForm p.2 — The IRA must be established no later than the due date (excluding extensions) of the individual’s income tax return for the year to make a regular contribution.
- SRCForm p.2 — The required minimum distribution calculation begins when the grantor reaches age 70½, using account value at the close of business on December 31 of the preceding year.
- SRCForm p.2 — Article V requires the grantor to provide all information necessary for reports required by section 408(i) and Regulations sections 1.408-5 and 1.408-6.
Common confusion points
Where must I file this form?
Do not file Form 5305 with the IRS; instead, keep it with your records.
When is the deadline for making regular IRA contributions?
The IRA must be established no later than the due date (excluding extensions) of the individual’s income tax return for the year.
How do I calculate my Required Minimum Distribution (RMD)?
If the grantor reaches age 70½, the RMD is calculated using the account value at the close of business on December 31 of the preceding year divided by a specific distribution period table (or joint and last survivor table if the beneficiary is the spouse).
What types of investments are prohibited?
Funds cannot be invested in life insurance contracts or commingled with other property unless it falls under common trust fund or common investment fund rules.
If I have multiple traditional IRAs, how do I manage the RMD requirements?
The owner can satisfy minimum distribution requirements by taking from one IRA the amount required to satisfy the requirement for another according to section 408(a)(6) regulations.
Who needs to sign this agreement?
This form requires signatures from the grantor and the trustee, with an optional witness signature if legally required.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Article VII specifies the agreement can be amended as necessary.
Questions about IRS Form 5305
What is IRS Form 5305 used for?
This form creates a formal trust account to manage retirement savings according to specific IRS rules. It outlines who controls the money and when funds must start being paid out to the grantor or beneficiaries. Both the person establishing the trust (grantor) and the manager (trustee) must sign this document to make it official.
Who must file IRS Form 5305?
The form is established by a grantor, who then executes the agreement with the trustee.
What information does IRS Form 5305 require?
The form collects identifying information for both the grantor and the trustee, including their names, dates of birth, and addresses. It requires signatures from the grantor and the trustee to finalize the agreement.
When is IRS Form 5305 due?
The entire interest must be, or begin to be, distributed not later than the grantor’s required beginning date, which is April 1 following the calendar year in which the grantor reaches age 70½.
Where do I file IRS Form 5305?
Do not file Form 5305 with the Internal Revenue Service; instead, the completed document must be kept with the filer's records.
How do I complete IRS Form 5305?
First, the grantor establishes the trust and assigns the initial funds into the account. The agreement is finalized when both the grantor and the trustee sign the form; a witness signature may also be required if state law demands it.
What happens if IRS Form 5305 is filed incorrectly?
The source does not specify penalties for filing errors but mandates that contributions to an IRA trust account for a nonworking spouse must be made to a separate IRA trust account established by that individual.
Where must I file this form?
Do not file Form 5305 with the IRS; instead, keep it with your records.
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