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Form 5305-EA: Coverdell Education Savings Custodial Account
IRS Form 5305-EA is a model custodial agreement that establishes a Coverdell Education Savings Account under section 530 of the Internal Revenue Code. Total non-rollover contributions are limited to $2,000 for the tax year.
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IRS Form 5305-EA - Coverdell Education Savings Custodial Account
IRS Form 5305-EA is a model custodial agreement that establishes a Coverdell Education Savings Account under section 530 of the Internal Revenue Code. Total non-rollover contributions are limited to $2,000 for the tax year.
Risk Radar
Scan points- 1Do not file Form 5305-EA with the IRS; the completed form must be kept in the depositor's records.
- 2Filing Form 5305-EA with the IRS instead of keeping it in records.
- 3Exceeding the $2,000 annual contribution limit without proper phase-out calculation.
- 4Omitting required identifying details for the designated beneficiary or custodian.
- 5Failing to secure signatures from both the depositor and the custodian.
Plain English
This form creates a legal account designed specifically to save money for educational expenses. It formalizes an agreement between the person funding the account and the bank or custodian holding the funds. The goal is to ensure that qualified elementary, secondary, and higher education costs can be covered for the designated beneficiary.
Submission Date
- Filing date: 2017-02-08 00:00:00
- 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 Coverdell education savings account under section 530 for the benefit of the designated beneficiary exclusively to pay for qualified elementary, secondary, and higher education expenses.
- Do not use it when filing with the Internal Revenue Service; the depositor must keep the completed form in its records instead.
- Check Form 5305-E instead when establishing a Coverdell Education Savings Trust Account.
Form selector
Use this form or another form?
The account must be structured as a trust.
This is the model for a Coverdell Education Savings Trust Account, which differs from this general custodial agreement.
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A common fund is being created for multiple Coverdell ESAs.
An Employer Identification Number (EIN) is required specifically when a common fund is created for Coverdell ESAs.
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The account must be established as a trust.
The source directs users to this form if the model account being used is structured as a trust account.
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Deadline or filing window
Contributions are limited to $2,000 for any tax year. Funds may be contributed by the due date of the designated beneficiary’s tax return for that year (excluding extensions).
Checklist
What you need before filling it out
Designated beneficiary
Name and date of birth of the individual receiving funds · Form 5305-EA, Article I
Custodian details
The name and address/principal place of business of an approved bank or savings and loan association · Form 5305-EA, Article I
Responsible individual
Full name and address of parent or guardian of the designated beneficiary · Form 5305-EA, Article I
Filing method
The completed form must be kept in the depositor's records. · General Instructions (Source)
Military death gratuity contribution
Proof of military death benefits and adherence to limitations up to 100 percent of such benefits · Form 5305-EA, Page 2
Before you submit
- 1Verify the depositor has provided all information necessary for the custodian to prepare required reports.
- 2Confirm the designated beneficiary's name and date of birth are listed correctly on Form 5305-EA.
- 3Ensure the responsible individual is identified, noting that this role transfers if they become incapacitated or die after the beneficiary reaches majority under state law.
- 4Verify the custodian is an approved financial institution (bank or savings and loan association) or IRS-approved person.
- 5Execute signatures from both the depositor and the custodian to finalize the agreement.
- 6If applicable, have a witness sign and date the document in Article X.
- 7Keep the completed Form 5305-EA in your records; do not file it with the Internal Revenue Service.
How to file this form
- 1Establish the account by completing Form 5305-EA, providing details for the depositor, designated beneficiary, responsible individual, and custodian.
- 2Sign the form using the required signatures from both the depositor and the custodian to execute the model custodial agreement.
- 3If necessary, have a witness sign and date the document in Article X.
- 4Keep the completed Form 5305-EA in your records for future reference.
Known limitations
- 1The age limitation restricting contributions, distributions, rollover contributions, and change of beneficiary is waived for a designated beneficiary with special needs [Form p.2].
- 2Families of soldiers who receive military death benefits may contribute up to 100 percent of such benefits into an educational savings account [Form p.2].
- 3The responsible individual becomes the designated beneficiary if they become incapacitated or die after the designated beneficiary reaches the age of majority under state law [Form p.1].
- 4An Employer Identification Number (EIN) is required only for a Coverdell ESA for which a return is filed to report unrelated business income, or for a common fund created for Coverdell ESAs [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->The form revision date on file is October 2016. The official source provides general instructions and definitions but does not specify any recent updates or point to a "latest information" page.
What changed or needs a fresh check
- Edition date — confirm the revision date reads October 2016.
- Fee — Not stated in the official source.
- Mailing address — Not stated in the official source.
- Signature — Confirm signatures are required from both the depositor and the custodian, with an optional witness signature.
Quick Facts
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After you file
- 1The depositor must keep the completed form in its records and should not file Form 5305-EA with the IRS [Form p.2].
- 2The account must be established in the United States for the exclusive purpose of paying qualified elementary, secondary, and higher education expenses [Form p.2].
- 3The depositor must provide the custodian with all information necessary to prepare any reports required by section 530(h) [Form p.2].
- 4The custodian agrees to submit reports prescribed by the IRS to both the Internal Revenue Service (IRS) and the responsible individual [Form p.2].
Sources
- SRCInstructions p.1 — The form is titled Coverdell Education Savings Custodial Account under section 530 of the Internal Revenue Code [Form p.1].
- SRCInstructions p.2 — Form 5305-EA is a model custodial account agreement that meets the requirements of section 530(b)(1) and has been pre-approved by the IRS [Form p.2].
- SRCInstructions p.2 — The depositor must keep the completed form in its records, not file it with the IRS [Form p.2].
- SRCInstructions p.2 — 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 [Form p.2].
- SRCInstructions p.1 — If the responsible individual becomes incapacitated or dies after the designated beneficiary reaches the age of majority under state law, the responsible individual shall become the designated beneficiary [Form p.1].
- SRCInstructions p.2 — The depositor must provide the custodian with all information necessary to prepare any reports required by section 530(h) [Form p.2].
Common confusion points
Where do I file this form?
Do not file Form 5305-EA with the IRS; keep the completed form in your records [Form p.2].
What happens if the responsible individual dies or becomes incapacitated?
The responsible individual shall become the designated beneficiary after the designated beneficiary reaches the age of majority under state law [Form p.1].
Can I change the beneficiary later?
Yes, the responsible individual may change the designated beneficiary to another family member in accordance with the custodian’s procedures [Form p.2].
Does this account have to be used for a specific type of expense?
The funds must be used exclusively for qualified elementary, secondary, and higher education expenses [Form p.2].
Who needs an Employer Identification Number (EIN)?
An EIN is required if the ESA reports unrelated business income or if it is a common fund created for Coverdell ESAs [Form p.2].
Does this form cover all possible amendments?
The agreement may be amended as necessary to comply with the Code and related regulations, but Articles I through III will remain controlling (Article VIII) [Form p.2].
Workflow map
Related forms and next steps
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Current
After
Often used with
⚠ If something goes wrong
- Form 5305-E covers the requirements and structure for establishing a Coverdell Education Savings Trust Account.
Questions about IRS Form 5305-EA
What is IRS Form 5305-EA used for?
This form creates a legal account designed specifically to save money for educational expenses. It formalizes an agreement between the person funding the account and the bank or custodian holding the funds. The goal is to ensure that qualified elementary, secondary, and higher education costs can be covered for the designated beneficiary.
Who must file IRS Form 5305-EA?
The depositor establishes the custodial account using Form 5305-EA. The agreement involves the depositor, the custodian (a bank or savings and loan association), and the designated beneficiary.
What information does IRS Form 5305-EA require?
The form collects identifying information for the depositor, the designated beneficiary, the responsible individual, and the custodian. It also documents the intent to pay qualified elementary, secondary, and higher education expenses.
When is IRS Form 5305-EA due?
For contributions, funds must be contributed by the due date of the designated beneficiary’s tax return for that year, excluding any extensions.
Where do I file IRS Form 5305-EA?
The depositor must keep the completed Form 5305-EA in their own records and should not file it with the Internal Revenue Service.
How do I complete IRS Form 5305-EA?
The account is established when the form is fully executed by both the depositor and the custodian. The document requires signatures from both the depositor and the custodian, and a witness signature is optional if needed.
What happens if IRS Form 5305-EA is filed incorrectly?
Any additional articles incorporated into the agreement must comply with applicable requirements of state law and the Internal Revenue Code; provisions inconsistent with section 530 may be invalid.
Where do I file this form?
Do not file Form 5305-EA with the IRS; keep the completed form in your records [Form p.2].
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