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Official form guide
Form 5305-SA: SIMPLE Individual Retirement Trust Account
IRS Form 5305-SA is a model agreement for establishing a SIMPLE Individual Retirement Custodial Account; the participant and custodian must sign it and keep it with their records, not file it with the IRS.
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IRS Form 5305-SA - SIMPLE Individual Retirement Trust Account
IRS Form 5305-SA is a model agreement for establishing a SIMPLE Individual Retirement Custodial Account; the participant and custodian must sign it and keep it with their records, not file it with the IRS.
Risk Radar
Scan points- 1Missing either the participant’s or custodian’s signature invalidates the agreement.
- 2Participant’s signature omitted, leaving the agreement incomplete.
- 3Custodian’s signature omitted, preventing the account from being valid.
- 4Transfer SIMPLE IRA box left unchecked when the IRA is a transfer.
- 5Form filed with the IRS instead of being kept with records.
Plain English
This form creates a SIMPLE IRA that the participant can use for retirement savings. Both the participant and the custodian fill out their information, check any applicable boxes, and sign. Once signed, the agreement is kept as a record, not mailed to the IRS.
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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What this form is for
- Use this form when establishing a SIMPLE Individual Retirement Trust Account that meets sections 408(a) and 408(p) and will be signed by both the participant and the custodian.
- Do not use it when the account is a Roth IRA, a designated Roth account, or when filing the agreement with the IRS.
- Check Form 5305‑S instead when a standard SIMPLE IRA custodial agreement (not a trust account) is required.
Form selector
Use this form or another form?
Establishing a SIMPLE IRA that is not a trust account
The standard model custodial agreement applies to regular SIMPLE IRAs
✓ Verify the account type is not a trust account before proceeding
Needing to add extra provisions such as custodian fees or amendment terms
Article VIII allows additional provisions on this form
✓ Ensure any added clauses comply with IRS regulations
Seeking guidance on contributions and rollovers rules
Article I outlines permissible contributions and rollovers
✓ Confirm contributions meet the cash and rollover criteria
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Participant’s signature
Participant’s handwritten signature · Signature block on Form 5305‑SA
Custodian’s signature
Custodian’s handwritten signature · Signature block on Form 5305‑SA
Article I contributions
Description of cash contributions, transfers, rollovers · Article I text on Form 5305‑SA
Investment restrictions
Statement that no life insurance or prohibited collectibles are held · Articles II and III on Form 5305‑SA
Distribution start date
Confirmation of participant’s age 70½ and April 1 following year · Article IV distribution clause
Before you submit
- 1Verify the form revision reads 04/2017
- 2Enter the participant’s full legal name accurately
- 3Confirm the custodian meets the definition of a bank, savings and loan association, or IRS‑approved custodian
- 4Review Article I to ensure only cash contributions, employer contributions, and permitted rollovers are listed
- 5Check Articles II and III to confirm no life insurance contracts or prohibited collectibles are included
- 6Select the distribution option and verify the required beginning date is April 1 after the participant reaches age 70 ½
- 7Obtain the participant’s signature and date on the designated line
- 8Obtain the custodian’s signature and date on the designated line
- 9If a witness is required, obtain the witness signature and date
- 10Attach any additional pages for extra provisions if Article VIII is used
- 11Store the fully executed agreement in the participant’s personal records
- 12Do not send the form to the IRS
How to file this form
- 1Complete all required fields and attach any additional pages as needed
- 2Obtain the participant’s signature and date
- 3Obtain the custodian’s signature and date
- 4If applicable, obtain the witness’s signature and date
- 5Review the agreement for compliance with Articles I through VII
- 6File the signed agreement in the participant’s personal records
- 7Confirm retention of a copy for future reference
Known limitations
- 1Only Articles I through VII of Form 5305-SA have been reviewed by the IRS, so provisions beyond Article VII are not IRS‑reviewed.
- 2The form cannot be used for accounts that invest in life‑insurance contracts; such investments are prohibited.
- 3Collectibles are prohibited except for certain gold, silver, platinum coins and bullion as allowed by section 408(m)(3).
- 4Summary description requirements of section 408(l)(2) do not apply to transfer SIMPLE IRAs.
- 5If the participant dies and the designated beneficiary is not the surviving spouse, no additional contributions may be accepted.
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 form is Revision 04/2017; the source does not indicate a later revision or specify any changes.
What changed or needs a fresh check
- Edition date — confirm the revision reads 04/2017
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — confirm both participant and custodian have signed; witness signature optional
- Witness requirement — confirm if a witness signature is needed per the agreement
Quick Facts
Downloads
After you file
- 1Retain the fully executed Form 5305-SA with your personal records.
- 2Do not file Form 5305-SA with the Internal Revenue Service.
- 3Both the participant and the custodian must sign the form before the SIMPLE IRA is established.
- 4If someone other than the participant signs, indicate the signer’s relationship to the participant on the signature line.
- 5If a signature must be witnessed, obtain the witness’s signature on the designated line.
Sources
- SRCForm p.2 — Do not file Form 5305‑S with the IRS; keep it with your records.
- SRCForm p.2 — Both participant and custodian must sign the form to establish a SIMPLE IRA.
- SRCForm p.2 — The participant’s signature line includes space for relationship if signed by another individual.
- SRCForm p.2 — Witness signature line appears if a signature requires witnessing.
- SRCForm p.2 — Required minimum distribution begins when participant reaches age 70 ½, using account value and uniform lifetime table.
- SRCForm p.2 — If designated beneficiary is the surviving spouse, RMD uses the joint and last survivor table.
- SRCForm p.1 — No part of custodial account funds may be invested in life‑insurance contracts.
- SRCForm p.1 — Collectibles are prohibited except for certain gold, silver, platinum coins and bullion.
- SRCForm p.1 — If participant dies and beneficiary is not the surviving spouse, no additional contributions may be accepted.
- SRCForm p.1 — Remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the participant’s death.
Common confusion points
Do I need to mail this form to the IRS?
The form explicitly states it is not to be filed with the IRS.
→ Verify the instruction 'Do not file Form 5305‑S with the IRS' on page 2.
Can I invest my SIMPLE IRA funds in life‑insurance contracts?
The form prohibits any part of the custodial account funds from being invested in life‑insurance contracts.
→ Check the prohibition statement on page 1.
Do I have to provide a summary description for a transfer SIMPLE IRA?
Summary description requirements of section 408(l)(2) do not apply to transfer SIMPLE IRAs.
→ Verify the note on page 2 about transfer SIMPLE IRAs.
What happens if I die and my beneficiary is not my spouse?
No additional contributions may be accepted after the participant’s death if the designated beneficiary is not the surviving spouse.
→ Review the death‑and‑contribution rule on page 1.
When must I begin taking required minimum distributions?
Distributions must begin the year the participant reaches age 70 ½.
→ See the RMD rule on page 2.
Can I hold gold coins in the account?
Collectibles are allowed only for certain gold, silver, platinum coins and bullion as specified.
→ Check the collectibles exception on page 1.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 5305‑SA amendment – attach additional pages (Article VIII) to modify the agreement.
Questions about IRS Form 5305-SA
What is IRS Form 5305-SA used for?
This form creates a SIMPLE IRA that the participant can use for retirement savings. Both the participant and the custodian fill out their information, check any applicable boxes, and sign. Once signed, the agreement is kept as a record, not mailed to the IRS.
Who must file IRS Form 5305-SA?
The participant who is opening the SIMPLE IRA and the custodian who holds the account must complete and retain the form.
What information does IRS Form 5305-SA require?
It collects the participant’s name, date of birth, address, a transfer‑IRA check box, the custodian’s name and business address, and requires signatures of both parties.
Where do I file IRS Form 5305-SA?
Do not file Form 5305-SA with the IRS; keep it with your records.
How do I complete IRS Form 5305-SA?
First, the participant enters name, birth date, address, and checks the transfer box if applicable. Next, the custodian’s name and business address are entered. Both parties sign the form. The completed form is retained with the participant’s records and is not sent to the IRS.
What happens if IRS Form 5305-SA is filed incorrectly?
If the agreement is not properly executed, the SIMPLE IRA cannot be established under sections 408(a) and 408(p).
Do I need to mail this form to the IRS?
The form explicitly states it is not to be filed with the IRS. Verify the instruction 'Do not file Form 5305‑S with the IRS' on page 2.
Can I invest my SIMPLE IRA funds in life‑insurance contracts?
The form prohibits any part of the custodial account funds from being invested in life‑insurance contracts. Check the prohibition statement on page 1.
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