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Official form guide
Form 5305-EA: Coverdell Education Savings Custodial Account
IRS Form 5305‑EA is a model agreement to set up a Coverdell Education Savings Custodial Account, filed by the depositor and custodian, with a $2,000 annual contribution limit (phase‑out begins at $95,000 modified AGI).
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IRS Form 5305-EA - Coverdell Education Savings Custodial Account
IRS Form 5305‑EA is a model agreement to set up a Coverdell Education Savings Custodial Account, filed by the depositor and custodian, with a $2,000 annual contribution limit (phase‑out begins at $95,000 modified AGI).
Risk Radar
Scan points- 1Failing to retain the completed Form 5305‑EA with your records (it must not be filed with the IRS).
- 2Leaving the cash contribution amount blank or entering more than $2,000.
- 3Omitting the depositor’s signature or the custodian’s signature.
- 4Failing to include the designated beneficiary’s date of birth.
- 5Not providing the custodian’s address or principal place of business.
Plain English
This form creates a Coverdell ESA for a designated beneficiary. The depositor and a qualified custodian fill in their names, addresses, the beneficiary’s birth date, and the cash amount to be deposited. Both parties sign the agreement and keep it for their records. The IRS does not receive this form.
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 Custodial Account for a designated beneficiary under section 530.
- Do not use it when the account to be created is a trust account rather than a custodial account.
- Check Form 5305‑E instead when the account is a Coverdell Education Savings Trust Account.
Form selector
Use this form or another form?
Account to be established is a trust rather than a custodial account
Trust accounts require a separate IRS‑pre‑approved model agreement
✓ Verify the account type is a trust
Need a model agreement for a Coverdell ESA that is structured as a trust
Only Form 5305‑E meets the requirements for trust accounts
✓ Confirm the agreement is for a trust
Using the custodial model but want to add trust‑specific provisions
Trust‑specific provisions are not permitted in Form 5305‑EA
✓ Ensure you select the correct form for trust provisions
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Name of depositor
Depositor’s legal name · Form field on page 1
Name of designated beneficiary
Beneficiary’s legal name · Form field on page 1
Date of birth of designated beneficiary
Birth certificate or other proof · Form field on page 1
Employer Identification Number (EIN)
EIN document if required · Section on page 2 (EIN requirement)
Responsible individual information
Parent or guardian identification · Form field on page 1
Before you submit
- 1Verify the form shows Rev. October 2016 at the top.
- 2Enter the depositor’s full legal name in the designated field.
- 3Enter the designated beneficiary’s name, address, and date of birth accurately.
- 4Enter the responsible individual’s name and address.
- 5Enter the custodian’s name and principal business address.
- 6Check the ‘amendment’ box only if the agreement amends a prior one.
- 7Obtain signatures of the depositor, custodian, and, if required, a witness.
- 8Retain the completed Form 5305‑EA in the depositor’s records; do not file with the IRS.
How to file this form
- 1Complete all required fields on Form 5305‑EA, including depositor, beneficiary, responsible individual, and custodian information.
- 2Have the custodian sign the agreement in the custodian signature line.
- 3Obtain the depositor’s signature and, if required, a witness signature on the designated lines.
- 4Keep the fully executed Form 5305‑EA in the depositor’s records as proof of the ESA agreement.
- 5Do not send the form to the IRS; retain it for your records as the filing proof.
Known limitations
- 1Do not file Form 5305‑EA with the IRS; the depositor must keep the completed form in its records (Form p.2).
- 2Form 5305‑EA applies only to custodial accounts; trust accounts must use Form 5305‑E (Form p.2).
- 3The age limitation on contributions, distributions, rollovers, and beneficiary changes is waived for a designated beneficiary with special needs (Form p.2).
- 4An employer identification number (EIN) is required only for a Coverdell ESA that files a return to report unrelated business income or for a common fund (Form p.2).
- 5If the responsible individual becomes incapacitated or dies after the designated beneficiary reaches the age of majority, the responsible individual becomes the designated beneficiary (Form p.1).
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‑EA is the Rev. October 2016 edition; the source does not reference a newer revision.
What changed or needs a fresh check
- Edition date — confirm the form reads Rev. October 2016
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — confirm depositor, custodian, and witness signatures are present where required
- EIN requirement — confirm an EIN is provided only if reporting unrelated business income
Quick Facts
Downloads
After you file
- 1Depositor keeps the completed Form 5305‑EA in its records (Form p.2).
- 2Custodian submits the reports prescribed by the IRS to both the IRS and the responsible individual (Form p.2).
- 3Depositor provides the custodian with all information necessary to prepare any reports required by section 530(h) (Form p.2).
- 4If an error is discovered, the agreement may be amended with the consent of the depositor and the custodian as described in Article IX (Form p.2).
- 5Any change of beneficiary must follow the custodian’s procedures outlined in Article VI (Form p.2).
- 6Additional provisions, if added, must comply with applicable state law and the Internal Revenue Code (Form p.2).
Sources
- SRCForm p.2 — Do not file Form 5305‑EA with the IRS; depositor must keep the completed form in its records.
- SRCForm p.2 — Trust accounts must use Form 5305‑E instead of Form 5305‑EA.
- SRCForm p.2 — Age limitation is waived for a designated beneficiary with special needs.
- SRCForm p.2 — An EIN is required only for a Coverdell ESA that files a return for unrelated business income or for a common fund.
- SRCForm p.1 — Responsible individual becomes the designated beneficiary if incapacitated or dies after beneficiary reaches age of majority.
- SRCForm p.2 — Custodian must submit reports to the IRS and responsible individual.
- SRCForm p.2 — Depositor must provide custodian with all information necessary to prepare reports required by section 530(h).
- SRCForm p.2 — Agreement may be amended with consent of depositor and custodian per Article IX.
- SRCForm p.2 — Change of beneficiary must follow custodian’s procedures per Article VI.
- SRCForm p.2 — Additional provisions must comply with state law and the Internal Revenue Code.
Common confusion points
Do I need to mail Form 5305‑EA to the IRS?
Many tax forms are filed with the IRS, but this is a model agreement.
→ Check the source: Form states not to file with the IRS; keep for records.
Can I use this form for a trust account?
Form 5305‑EA is for custodial accounts only.
→ Verify that trust accounts require Form 5305‑E.
Is an employer identification number (EIN) required for my Coverdell ESA?
EIN is only needed in specific situations.
→ Confirm that an EIN is required only if filing a return for unrelated business income or for a common fund.
What happens if the responsible individual dies after the beneficiary turns 18?
The form mentions a rule about incapacity or death.
→ Ensure the responsible individual becomes the designated beneficiary as stated.
Can I contribute more than $2,000 per year?
Contribution limits are not detailed in this form.
→ Not stated in the official source — verify on the agency site.
Do I need a witness signature on the form?
A witness signature line appears only if required.
→ Check if a witness is required for the depositor or custodian signatures per the form.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Amend the agreement with a new Form 5305‑EA as described in Article IX, with consent of depositor and custodian.
Questions about IRS Form 5305-EA
What is IRS Form 5305-EA used for?
This form creates a Coverdell ESA for a designated beneficiary. The depositor and a qualified custodian fill in their names, addresses, the beneficiary’s birth date, and the cash amount to be deposited. Both parties sign the agreement and keep it for their records. The IRS does not receive this form.
Who must file IRS Form 5305-EA?
The depositor who establishes the Coverdell ESA must retain the completed Form 5305‑EA.
What information does IRS Form 5305-EA require?
The form collects the depositor’s name, the designated beneficiary’s name, address, and date of birth, the responsible individual’s name and address, the custodian’s name and address, and the cash amount placed in the account.
Where do I file IRS Form 5305-EA?
Do not file Form 5305‑EA with the IRS; the depositor must keep the completed form in its records.
How do I complete IRS Form 5305-EA?
First, the depositor enters their name and the designated beneficiary’s information, including address and birth date. Next, the responsible individual’s and custodian’s names and addresses are entered, and the cash contribution amount is noted. The depositor and custodian sign the agreement (a witness signature is required only if mandated). Finally, the completed form is retained by the depositor and is not sent to the IRS.
Do I need to mail Form 5305‑EA to the IRS?
Many tax forms are filed with the IRS, but this is a model agreement. Check the source: Form states not to file with the IRS; keep for records.
Can I use this form for a trust account?
Form 5305‑EA is for custodial accounts only. Verify that trust accounts require Form 5305‑E.
Is an employer identification number (EIN) required for my Coverdell ESA?
EIN is only needed in specific situations. Confirm that an EIN is required only if filing a return for unrelated business income or for a common fund.
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