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Official form guide
Form 5305A: Traditional Individual Retirement Custodial Account
IRS Form 5305-A is a model custodial account agreement used to establish a traditional individual retirement account under section 408(a) of the Internal Revenue Code. It outlines distribution rules and requires signatures from both the depositor (account holder) and custodian (financial institution). A key requirement is that distributions must begin no later than April 1 after age 70½.
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IRS Form 5305A - Traditional Individual Retirement Custodial Account
IRS Form 5305-A is a model custodial account agreement used to establish a traditional individual retirement account under section 408(a) of the Internal Revenue Code. It outlines distribution rules and requires signatures from both the depositor (account holder) and custodian (financial institution). A key requirement is that distributions must begin no later than April 1 after age 70½.
Risk Radar
Scan points- 1Failing to follow required distribution timelines after the depositor’s death can result in IRS penalties or non-compliance.
- 2Failing to sign both the depositor and custodian sections
- 3Providing incorrect personal information for either party
- 4Failing to include the custodian’s principal place of business address
- 5Incorrectly marking whether it is an amendment
Plain English
This form is an agreement between a person (depositor) and a bank or approved financial institution (custodian) to set up a traditional IRA for retirement savings. It sets rules about when money can be taken out, especially after the depositor dies.
Submission Date
- Filing date: 2017-09-16 08:03:05
- 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 traditional individual retirement account under section 408(a) of the Internal Revenue Code.
- Do not use it when filing with the IRS; keep it with your records instead.
- Check Pub. 590-A or Pub. 590-B instead when seeking information on contributions or distributions.
Form selector
Use this form or another form?
Wanting to establish an IRA for a nonworking spouse
Source allows its use for nonworking spouses
✓ Confirm the spouse is not working
Need guidance on contributions to an IRA
Source directs to Pub. 590-A for contribution info
✓ Verify need for contribution guidance
Need guidance on distributions from an IRA
Source directs to Pub. 590-B for distribution info
✓ Confirm need for distribution guidance
Deadline or filing window
To establish a regular contribution to this traditional IRA, it must be created no later than the due date of the individual’s income tax return for the tax year (excluding extensions). There is no extension available for this deadline.
Checklist
What you need before filling it out
Name of depositor
Government-issued ID or account record · Personal identification document
Date of birth of depositor
Birth certificate or ID · Birth certificate
Address of depositor
Utility bill or lease agreement · Recent mailer
Check if amendment
Prior form copy · Original filed document
Name of custodian
Bank statement or account opening document · Account opening paperwork
Before you submit
- 1Ensure both the depositor and custodian sign Form 5305-A
- 2Include a witness signature if required by law or agreement
- 3Confirm that any amendment is properly checked on line 4 of Part I
- 4Verify distributions comply with section 408(a)(6) requirements (beginning no later than April 1 after age 70½)
- 5Keep a copy of the executed agreement for your records
- 6Check that the custodian is approved by the IRS if not a bank or savings and loan association
- 7Ensure contributions are made to the account no later than the due date of the depositor’s income tax return
How to file this form
- 1Complete all required fields on Form 5305-A
- 2Have both the depositor and custodian sign the agreement
- 3Include a witness signature if required by law or agreement
- 4Keep the executed agreement with your records; do not file it with the IRS
- 5Review distribution options before age 70½ to ensure compliance with section 408(a)(6)
Known limitations
- 1Do not file Form 5305-A with the IRS; keep it with your records instead (source: [Form p.2])
- 2Only Articles I through VII have been reviewed by the IRS, so any additional articles inconsistent with section 408(a) will be invalid (source: [Form p.2])
- 3The account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries (source: [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 current edition is Rev. April 2017 (04/17).
What changed or needs a fresh check
- Edition date — confirm it is Rev. April 2017
- Fee — not stated in the official source
- Mailing address — not stated in the official source
- Signature — ensure both the depositor and custodian sign; include a witness signature if required
Quick Facts
Downloads
After you file
- 1Keep Form 5305-A with your records (source: [Form p.2])
- 2Do not expect a confirmation from the IRS after filing this form (since it is not filed with them) (source: [Form p.2])
Sources
- SRCInstructions p.1 — do not file Form 5305-A with the IRS.
- SRCInstructions p.2 — only Articles I through VII have been reviewed by the IRS.
- SRCInstructions p.2 — account must be created in the United States for exclusive benefit of depositor and beneficiaries.
- SRCInstructions p.1 — no part of custodial funds may be invested in life insurance contracts.
- SRCInstructions p.2 — required minimum distribution begins at age 70½.
- SRCInstructions p.2 — witness signature is only needed if required for depositor or custodian signatures.
- SRCInstructions p.2 — purpose: model agreement for traditional IRA under section 408(a).
- SRCInstructions p.2 — definition of custodian: must be a bank or IRS-approved person.
- SRCInstructions p.2 — nonworking spouse rule: separate accounts are required.
Common confusion points
Should I file Form 5305-A with the IRS?
The form title and instructions state it is not filed with the Internal Revenue Service.
→ Verify the text on page 2 of the form that says "Do not file Form 5305-A with the Internal Revenue Service."
Which articles are valid in this agreement?
Only Articles I through VII have been reviewed by the IRS, so other additions may be invalid.
→ Confirm any additional provisions comply with section 408(a) and related regulations (source: [Form p.2])
Can custodial account funds be invested in life insurance or collectibles?
Some may think they can invest in prohibited assets; the form has specific rules against this.
→ Check Articles I and II on page 1 for investment prohibitions (source: [Form p.1])
When do required minimum distributions begin?
The start age may be misunderstood as earlier or later than 70½.
→ Refer to Article V and the rules in Regulations section 1.401(a)(9)-9 for when RMDs begin (source: [Form p.2])
Can a nonworking spouse use this form with their own contributions?
The rule about separate accounts may be confused.
→ Ensure each nonworking spouse has their own custodial account (source: [Form p.2])
What is the difference between depositor and custodian roles?
Some may mix up who establishes the account versus who manages it.
→ Identify "depositor" as the person establishing the account and "custodian" as the financial institution (source: [Form p.2])
Questions about IRS Form 5305A
What is IRS Form 5305A used for?
This form is an agreement between a person (depositor) and a bank or approved financial institution (custodian) to set up a traditional IRA for retirement savings. It sets rules about when money can be taken out, especially after the depositor dies.
Who must file IRS Form 5305A?
The depositor establishing the account and the custodian must sign this form to create the traditional individual retirement account.
What information does IRS Form 5305A require?
The form collects personal information for both the depositor (name, date of birth, address) and the custodian (name, principal place of business), plus agreement terms about distributions after death.
When is IRS Form 5305A due?
It is due no later than the due date of the depositor’s income tax return for the tax year (excluding extensions).
Where do I file IRS Form 5305A?
Do not file this form with the IRS; keep it with your records instead.
How do I complete IRS Form 5305A?
Complete all required fields on both sides, including the depositor’s and custodian’s names, addresses, and dates of birth. Check if it is an amendment (if applicable). Then sign both parties’ sections with their respective dates. If a witness is needed for either signature, include that as well.
Should I file Form 5305-A with the IRS?
The form title and instructions state it is not filed with the Internal Revenue Service. Verify the text on page 2 of the form that says "Do not file Form 5305-A with the Internal Revenue Service."
Which articles are valid in this agreement?
Only Articles I through VII have been reviewed by the IRS, so other additions may be invalid. Confirm any additional provisions comply with section 408(a) and related regulations (source: [Form p.2])
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