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IRSExempt Organizations & Benefit Plans (5000 Series)

Official form guide

Form 5305: 5305

IRS Form 5305 is the IRA Contribution Agreement used by financial institutions to set up a new Individual Retirement Account for a client. File it when opening a Traditional, Roth, SEP, or SIMPLE IRA.

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Form Overview

IRS Form 5305 - 5305

IRS Form 5305 is the IRA Contribution Agreement used by financial institutions to set up a new Individual Retirement Account for a client. File it when opening a Traditional, Roth, SEP, or SIMPLE IRA.

It captures the account holder’s name, address, Social Security number, type of IRA, and the institution’s EIN and contact details.

Risk Radar

Scan points
  • 1A single typo can invalidate the IRA setup and delay contributions.
  • 2Incorrect SSN or typo in name
  • 3Wrong IRA type selected
  • 4Missing institution signature
  • 5Outdated address causing mail return

Plain English

This form is the paperwork a bank or brokerage uses to start your retirement account with the IRS. You fill it out once, then the institution keeps it on file for the life of the IRA.

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

individualfinancialholder

Hover a term to preview the meaning.

What this form is for

  • Use this form when opening a new Traditional, Roth, SEP, or SIMPLE IRA.
  • Do not use it for rollovers, conversions, or recharacterizations.
  • If you need to change account details later, use Form 5305‑S or an amendment.

Form selector

Use this form or another form?

Opening a 401(k)

Annual reporting requirement

✓ Verify employer‑sponsored plan status

Form 5500

Changing an existing IRA beneficiary

Updates beneficiary info only

✓ Confirm no new account needed

Form 5305‑C

Deadline or filing window

There is no filing deadline because Form 5305 is submitted when the IRA is opened. The institution must file it promptly, typically within 30 days of account opening, to avoid processing delays.

Checklist

What you need before filling it out

1

Account holder name

Government ID or passport · Client’s ID copy

⚠ Misspelled name✕ High
2

Social Security number

SSN card or tax return · Client-provided form

⚠ Transposed digits✕ High
3

IRA type selection

Client’s election document · Application notes

⚠ Selecting wrong type✕ Medium
4

Institution EIN

IRS EIN verification tool · Institution’s letterhead

⚠ Missing or wrong EIN✕ High
5

Signature block

Authorized officer signature · Institution’s signatory list

⚠ Blank signature line✕ High

Before you submit

  1. 1Confirm client’s name matches Social Security records.
  2. 2Verify SSN is entered correctly.
  3. 3Select the correct IRA type (Traditional, Roth, SEP, SIMPLE).
  4. 4Enter the institution’s current EIN.
  5. 5Check that the institution’s address is current.
  6. 6Ensure an authorized officer has signed the form.
  7. 7Use the latest edition of Form 5305.
  8. 8Attach any required supporting documents (if institution requires).
  9. 9Print legibly; avoid smudges on signature line.
  10. 10Seal the envelope with correct IRS mailing address.
  11. 11Use certified mail or delivery receipt for tracking.
  12. 12Retain a copy of the completed form for the client’s records.

How to file this form

  1. 1Collect client’s personal data and IRA election.
  2. 2Complete the appropriate sections on Form 5305.
  3. 3Have the institution’s authorized officer sign and date.
  4. 4Make a photocopy for the client’s file.
  5. 5Place the original in an envelope addressed to the IRS address in the instructions.
  6. 6Mail the envelope using a trackable service.
  7. 7Record the mailing date and tracking number in the institution’s compliance log.

Known limitations

  1. 1Form does not cover IRA rollovers; separate forms are required.
  2. 2No electronic filing option is provided by the IRS for Form 5305.
  3. 3The form does not collect contribution amounts; those are reported on Form 5498 later.
  4. 4Instructions may be updated without a new form number; always check the IRS website.

Field map

Compact field-by-field guide

6 fields

General Info

2 items

Taxpayer Name and TIN

Full legal name and taxpayer identification number (SSN or EIN).

Requiredtext
Address

Current mailing address.

Requiredtext

Details

2 items

Required Information

Complete all applicable sections of this form according to the official IRS instructions.

Requiredtext
Amount (if applicable)

Enter the relevant dollar amount if this form involves tax calculation.

amount

Certification

1 items

Certification Statement

Read and acknowledge any certifications required by this form.

Requiredcheckbox

Signatures

1 items

Signature

Sign and date. Unsigned forms cannot be processed.

Requiredsignature
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Current form status
IRS

Form 5305 is currently active for the 2024 tax year. The latest edition was released in October 2023. No major revisions have been announced for 2025.

What changed or needs a fresh check

  • Edition date: Verify the form shows “2023 Revision” or later.
  • Fee: No filing fee for Form 5305.
  • Mailing address: Use the address in the current instructions, not a prior year’s address.
  • Signature block: Ensure the institution’s authorized officer signs.
  • Paper quality: Use standard 8½×11 in. white paper; avoid photocopies of the signature page.

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Form 5305 page 2

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Quick Facts

The financial institution (bank, credit union, brokerage) files the form on behalf of the account holder.
It captures the account holder’s name, address, Social Security number, type of IRA, and the institution’s EIN and contact details.
The form is completed at the moment the IRA is opened; there is no separate filing deadline.
The institution submits the completed form to the IRS by mail to the address listed in the form’s instructions, typically the Internal Revenue Service, Ogden, UT 84201.
Errors can cause the IRA to be classified incorrectly, leading to tax reporting problems or penalties for the account holder.
1. Gather the client’s personal data (SSN, address, DOB). 2. Choose the correct IRA type and fill the corresponding boxes. 3. Institution adds its EIN, name, and signature. 4. Review for completeness and sign. 5. Mail to the IRS address on the form’s instructions.

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After you file

  1. 1File the copy of the signed form in the client’s IRA file.
  2. 2Enter the IRA details into the institution’s internal system.
  3. 3Monitor for the IRS acknowledgment (if returned).
  4. 4Prepare Form 5498 for year‑end reporting.
  5. 5Update the client’s account statement with the new IRA information.
  6. 6Retain the mailing receipt for at least three years.
  7. 7Notify the client that the IRA is officially established.

Sources

  • SRCForm 5305 title and purposeIRS official form description
  • SRCEligibility of financial institutions to fileIRS instructions for Form 5305
  • SRCMailing addressIRS Form 5305 instructions (Ogden, UT 84201)
  • SRCNo filing feeIRS fee schedule for Form 5305
  • SRCEdition dateIRS website shows latest revision October 2023
  • SRCSignature requirementForm 5305 instructions specify authorized officer signature
  • SRCNo electronic filingIRS filing options list for Form 5305

Common confusion points

Traditional vs. Roth IRA

Both appear on same form; selection box determines tax treatment

→ Verify client’s election before filling

SEP vs. SIMPLE IRA

Both are employer‑sponsored but have different contribution limits

→ Confirm employer plan type

Signature requirement

Some think client must sign; actually the institution signs

→ Check signature block instructions

Mailing address

Older PDFs list outdated addresses

→ Use the address from the latest IRS instructions

Form edition

Users may download a 2022 version

→ Verify edition date on the form

Workflow map

Related forms and next steps

4 signals

Before

Client completes IRA application questionnaire

Current

5305

After

Institution files Form 5498 by May 31 following the tax year

Often used with

Form 5498 (IRA contribution information) for year‑end reporting

⚠ If something goes wrong

  • File Form 5305‑C to correct beneficiary or account details

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Source transparency

Copyright & Licensing - US Government Forms

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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