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Form 5305-SA: SIMPLE Individual Retirement Trust Account
Treasury Internal Revenue Service Form 5305-SA is a SIMPLE Individual Retirement Trust Account agreement that establishes a savings incentive match plan for small employers. The participant's entire interest must be distributed not later than April 1 following the year they reach age 70 1/2.
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IRS Form 5305-SA - SIMPLE Individual Retirement Trust Account
Treasury Internal Revenue Service Form 5305-SA is a SIMPLE Individual Retirement Trust Account agreement that establishes a savings incentive match plan for small employers. The participant's entire interest must be distributed not later than April 1 following the year they reach age 70 1/2.
Risk Radar
Scan points- 1Ensure the distribution plan is reviewed when the participant reaches age 70 1/2 to meet required distribution rules.
- 2Failing to check if the account is a 'transfer SIMPLE IRA' or an amendment on Form 5305-SA.
- 3Not having both the participant and custodian sign the form before sending it for record keeping.
- 4Omitting the required Name, Date of birth, or Address of the participant.
- 5Failing to verify that the custodian is a bank/savings & loan association approved by the IRS.
Plain English
This form creates an official agreement for a Simple IRA, which is a retirement account for employees of small businesses. It confirms that the participant and the custodian agree to how the money will be managed and distributed later on. This document ensures the account meets IRS requirements under sections 408(a) and 408(p).
Submission Date
- Filing date: 2017-09-16 08:02:59
- 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 SIMPLE Individual Retirement Trust Account (SIMPLE IRA) for the exclusive benefit of a participant and their beneficiaries.
- Do not use it when you are creating a 'transfer SIMPLE IRA' but need to document that status elsewhere, as the summary description requirements of section 408(l)(2) do not apply to transfer SIMPLE IRAs.
- Check Form 590-A instead when reviewing required disclosures regarding contributions for more information on SIMPLE IRAs.
Form selector
Use this form or another form?
Establishing a new, non-transfer SIMPLE IRA
The form is used to create the account structure itself.
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Documenting contributions for an existing SIMPLE IRA
This publication details required disclosures about contributions made under a SIMPLE IRA plan.
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Reviewing distribution requirements for a SIMPLE IRA
This publication covers the rules governing distributions from Individual Retirement Arrangements (IRAs) like those established by Form 5305-SA.
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Deadline or filing window
The entire interest in the custodial account must begin distribution no later than April 1 following the calendar year that the participant attains age 70 1/2. If the designated beneficiary is not the surviving spouse, remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the participant’s death.
Checklist
What you need before filling it out
Purpose of Form
Model custodial account agreement meeting sections 408(a) and 408(p) · General Instructions (p.2)
Acceptable Contributions
Cash contributions from the participant’s employer, transfers/rollovers from other SIMPLE IRAs, or rollovers from eligible plans (not Roth IRA) · Article I (p.1)
Distribution Deadline
Not later than April 1 following the calendar year in which the participant reaches age 70 1/2 · Article IV, Section 2 (p.1)
Investment Restrictions
No life insurance contracts; no commingling except in a common trust or investment fund (per section 408(a)(5)) · Article III, Section 1 (p.1)
Required Action
Do not file Form 5305-S with the IRS; keep it with records · General Instructions (p.2)
Before you submit
- 1Ensure the participant's interest in the custodial account is nonforfeitable (Article II, p.1).
- 2Verify that only cash contributions are being accepted under Article I.
- 3Confirm that any investment adheres to the rules: no life insurance contracts or commingling outside of a common trust/investment fund (Article III, Section 1, p.1).
- 4Check that distributions will occur by April 1 following the year the participant reaches age 70 1/2 (Article IV, Section 2, p.1).
- 5Confirm the agreement complies with section 408(a)(6) and related regulations (Article IV, Section 1, p.1).
- 6If an outside party signs for the participant, confirm their relationship is noted next to their signature (p.2).
- 7Ensure Article VI supersedes all other articles in case of inconsistency with sections 408(a) and 408(p).
How to file this form
- 1Complete the agreement by having the participant sign, noting any relationship if another person signs for them (p.2).
- 2Have the custodian sign the form and record the date of signature (p.2).
- 3If required, have a witness sign and record their date on Form 5305-SA (p.2).
- 4Review Article VIII to see if additional provisions are necessary; draw a line through it if none are added.
- 5Keep the fully executed form with your personal records instead of mailing it to the IRS (General Instructions, p.2).
- 6Confirm that the agreement establishes the SIMPLE IRA for the exclusive benefit of the participant and beneficiaries (p.2).
Known limitations
- 1The form applies to a SIMPLE Individual Retirement Custodial Account under section 408(p) of the Internal Revenue Code.
- 2No part of the custodial account funds may be invested in life insurance contracts, unless otherwise permitted by section 408(m)(3).
- 3Assets of the custodial account cannot be commingled with other property except within a common trust fund or common investment fund (per section 408(a)(5)).
- 4For transfer SIMPLE IRAs, the summary description requirements of section 408(l)(2) do not apply.
- 5If the participant dies before their entire interest is distributed and the designated beneficiary is not the surviving spouse, no additional contributions may be accepted in the account.
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 current edition on file is 04/17, and the form itself reflects a revision date of Rev. 4-2017. The source does not indicate an external page containing the absolute latest information.
What changed or needs a fresh check
- Edition date — confirm the revision date reads 04/17.
- Form number — confirm the form is IRS Form 5305-SA.
- Signature — ensure both Participant and Custodian signatures are present (Witness signature is optional).
- Distribution Date — verify that the required beginning date for distribution is April 1 following the calendar year the participant reaches age 70 1/2.
Quick Facts
Downloads
After you file
- 1Keep a copy of Form 5305-SA with your records, as it should not be filed with the Internal Revenue Service.
- 2The SIMPLE IRA is established after the form is fully executed by both the individual (participant) and the custodian.
- 3Review the distribution option in the year the participant reaches age 70 1/2 to ensure section 408(a)(6) requirements are met.
- 4If an individual other than the participant signs, indicate that person's relationship to the participant on Form 5305-SA.
Sources
- SRCForm 5305-SA (Rev. April 2017) is a SIMPLE Individual Retirement Custodial Account agreement under section 408(p) of the Internal Revenue Code [Form p.1].
- SRCThe participant must establish this account for their retirement and beneficiary support after death [Form p.1].
- SRCThe remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the participant’s death [Form p.1].
- SRCIf the designated beneficiary is not the surviving spouse, no additional contributions may be accepted if the participant dies before full distribution [Form p.1].
- SRCThe required minimum distribution (RMD) calculation depends on whether the beneficiary is the surviving spouse [Form p.2].
- SRCThe form must be fully executed by both the individual (participant) and the custodian to establish the SIMPLE IRA [Form p.2].
Common confusion points
Where do I file this form?
The instructions state not to file Form 5305-S with the IRS.
→ Keep it with your records.
What is the required minimum distribution (RMD) calculation?
If the beneficiary is the surviving spouse, divide the account value by the joint and last survivor table number; otherwise, use the uniform lifetime table.
→ Check Article IV, paragraph 5 for details on how to determine this.
When must all my money be distributed?
The remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the participant’s death.
→ Confirm the date aligns with your required beginning date.
What is a 'transfer SIMPLE IRA'?
It is a SIMPLE IRA that was not the original recipient of contributions under any SIMPLE IRA plan.
→ Ensure this classification matches how you are establishing the account.
Who must sign this form?
Both the participant and the custodian must execute the agreement, and a witness signature may be required.
→ Check if your specific situation requires witnessing.
What is the difference between 5305-S and 5305-SA?
Form 5305-S is the model custodial account agreement; Form 5305-SA is the specific revision currently on file (Rev. April 2017).
→ Use 5305-SA to ensure you are using the correct version.
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Questions about IRS Form 5305-SA
What is IRS Form 5305-SA used for?
This form creates an official agreement for a Simple IRA, which is a retirement account for employees of small businesses. It confirms that the participant and the custodian agree to how the money will be managed and distributed later on. This document ensures the account meets IRS requirements under sections 408(a) and 408(p).
Who must file IRS Form 5305-SA?
The participant, who establishes the custodial account, must complete Form 5305-SA. The custodian, who must be a bank or savings and loan association (or an approved person), must also execute this form.
What information does IRS Form 5305-SA require?
The form collects identifying information such as the Name and Date of birth of the participant, along with addresses for both the participant and the custodian. It also requires checking boxes to indicate if it is a 'transfer SIMPLE IRA' or an 'amendment.'
When is IRS Form 5305-SA due?
The participant’s entire interest in the custodial account must begin distribution not later than April 1 following the calendar year in which the participant reaches age 70 1/2.
Where do I file IRS Form 5305-SA?
This form does not file with the Internal Revenue Service; instead, it must be kept with the filer's records. The agreement itself is established once fully executed by both the individual (participant) and the custodian.
How do I complete IRS Form 5305-SA?
First, the participant fills in their details and checks any relevant boxes regarding transfers or amendments. Next, the custodian provides their name and address/principal place of business. Finally, both the participant and the custodian must sign and date the form to fully execute the agreement.
What happens if IRS Form 5305-SA is filed incorrectly?
The participant and custodian make this agreement to ensure compliance with section 408(a)(6) and related regulations; failure to follow these provisions means the account does not meet IRS requirements.
Where do I file this form?
The instructions state not to file Form 5305-S with the IRS. Keep it with your records.
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