Independent form guide. BrieflyGo is not affiliated with or endorsed by IRS, USCIS, SSA, DOL, or any U.S. government agency. Official forms are sourced from public government websites.
Official form guide
Form 5305A: Traditional Individual Retirement Custodial Account
The Internal Revenue Service Form 5305-A is a model custodial account agreement that establishes a Traditional Individual Retirement Custodial Account under section 408(a) of the Internal Revenue Code. The form requires distributions to begin no later than April 1 following the calendar year in which the depositor reaches age 70 1/2.
Need help with Form 5305A?
Open it in the AI Editor for field guidance, checks, and PDF export.
Need help? AI Editor guides you through every field of Form 5305A.
Start filling →Form Overview
IRS Form 5305A - Traditional Individual Retirement Custodial Account
The Internal Revenue Service Form 5305-A is a model custodial account agreement that establishes a Traditional Individual Retirement Custodial Account under section 408(a) of the Internal Revenue Code. The form requires distributions to begin no later than April 1 following the calendar year in which the depositor reaches age 70 1/2.
Risk Radar
Scan points- 1Do not submit Form 5305-A to the IRS; it must be kept only with your records.
- 2Filing Form 5305-A with the IRS instead of retaining it in records.
- 3Failing to have both the depositor and custodian fully execute the agreement.
- 4Omitting the required disclosure statement provided by the custodian.
- 5Incorrectly stating or calculating the date the depositor reaches age 70 1/2.
Plain English
This agreement sets up a specific type of retirement account, called a Traditional IRA custodial account. It determines how the funds must be managed and distributed after the depositor's lifetime to ensure money is available for their needs or the beneficiary’s needs. The person setting up the account (the depositor) and the financial institution holding the money (the custodian) must both sign this agreement.
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.
AI co-pilot
Fill it faster. Catch mistakes before you file.
Glossary Terms
Hover a term to preview the meaning.
What this form is for
- Use this form when establishing a Traditional Individual Retirement Custodial Account under section 408(a) of the Internal Revenue Code.
- Do not use it when filing the completed agreement with the IRS, as the form must be kept with records.
- Check Pub. 590-A or Pub. 590-B instead when seeking information on contributions or distributions to Individual Retirement Arrangements (IRAs).
Deadline or filing window
The depositor’s entire interest in the custodial account must begin to be distributed no later than April 1 following the calendar year in which the depositor reaches age 70 1/2. If the designated beneficiary is not the surviving spouse, the remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s death.
Checklist
What you need before filling it out
Name of depositor
The full name of the person establishing the account · Form p.1
Required beginning date for distribution
April 1 following the calendar year in which the depositor reaches age 70 1/2 · Form p.1
Custodian requirements
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
Prohibited investments
No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund. · Form p.1
Before you submit
- 1Confirm that both the individual depositor and the financial institution acting as the custodian have fully executed all required signatures on this model agreement.
- 2Verify that all identifying information is accurate, including the depositor’s name, date of birth, address, and the custodian’s principal place of business details.
- 3Check the distribution timeline to ensure funds must begin distributing no later than April 1 following the calendar year in which age 70 1/2 is reached.
- 4Confirm that remaining interest distributions are planned for by the end of the calendar year containing the fifth anniversary of the depositor’s death.
- 5Remember that Form 5305A is a model custodial agreement and must be retained with your personal records, not filed with the Internal Revenue Service.
How to file this form
- 1Complete Article I through VII of Form 5305-A using all required details, including names and addresses.
- 2Have both the depositor and the custodian sign the agreement on Form p.2.
- 3If necessary, have a witness complete their signature block on Form p.2.
- 4Retain the fully executed form with personal records; do not submit it to the Internal Revenue Service.
Known limitations
- 1No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except within a common trust fund or common investment fund (within the meaning of section 408(a)(5)) [Form p.1].
- 2No part of the custodial account funds may be invested in collectibles (within the meaning of section 408(m)), unless an exception applies for certain gold, silver, and platinum coins, coins issued under state laws, or certain bullion [Form p.1].
- 3If the depositor dies before distributing their entire interest, and if the designated beneficiary is not the depositor’s surviving spouse, no additional contributions may be accepted in the account [Form p.1].
- 4The required minimum distribution (RMD) for any year beginning when the depositor reaches age 70 1/2 is calculated by dividing the account value at the close of business on December 31 of the preceding year by the distribution period found in the uniform lifetime table in Regulations section 1.401(a)(9)-9 [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.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of Form 5305-A is dated April 2017. The official source does not indicate any recent revisions or point to a page for the latest information.
What changed or needs a fresh check
- The form revision date reads April 2017.
- Signatures are required from the Depositor, Custodian, and potentially a Witness on Form p.2.
Quick Facts
Downloads
After you file
- 1Do not file Form 5305-A with the Internal Revenue Service; instead, keep it with your records [Form p.2].
- 2The Traditional IRA is established only after the form is fully executed by both the individual (depositor) and the custodian [Form p.2].
- 3The depositor must provide the custodian with all information necessary to prepare any reports required by section 408(i) and Regulations sections 1.408-5 and 1.408-6 [Form p.2].
- 4The custodian agrees to submit prescribed reports to both the Internal Revenue Service (IRS) and the depositor [Form p.2].
Sources
- SRCInstructions p.1 — The depositor named above is establishing a traditional individual retirement account under section 408(a) to provide for his or her retirement and for the support of his or her beneficiaries after death.
- SRCInstructions p.1 — No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial account be commingled with other property except in a common trust fund or common investment fund (within the meaning of section 408(a)(5)).
- SRCInstructions p.2 — The required minimum distribution is determined by dividing the account value at the close of business on December 31 of the preceding year by the distribution period in the uniform lifetime table in Regulations section 1.401(a)(9)-9 [Form p.2].
- SRCInstructions p.2 — Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) [Form p.2].
- SRCInstructions p.2 — Do not file Form 5305-A with the IRS; instead, keep it with your records [Form p.2].
- SRCInstructions p.2 — To make a regular contribution to a traditional IRA for a year, the IRA must be established no later than the due date of the individual’s income tax return for the tax year (excluding extensions) [Form p.2].
Common confusion points
Must I file this form with the IRS?
Do not file Form 5305-A with the IRS; instead, keep it with your records [Form p.2].
Can I invest in life insurance contracts using these funds?
No part of the custodial account funds may be invested in life insurance contracts [Form p.1].
If I have multiple Traditional IRAs, can I satisfy minimum distribution requirements from them?
The owner of two or more traditional IRAs may satisfy the minimum distribution requirements by taking from one IRA the amount required to satisfy another, according to section 408(a)(6) [Form p.2].
Is there a deadline for making contributions?
To make a regular contribution, the IRA must be established no later than the due date of the individual’s income tax return for the tax year (excluding extensions) [Form p.2].
Does the form need to be signed by more people?
The account is established after the form is fully executed by both the individual (depositor) and the custodian [Form p.2].
What if I am a nonworking spouse?
Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse, but contributions must go to a separate IRA custodial account established by that person [Form p.2].
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- The agreement must comply with section 408(a) and the related regulations, which may require amendments.
Questions about IRS Form 5305A
What is IRS Form 5305A used for?
This agreement sets up a specific type of retirement account, called a Traditional IRA custodial account. It determines how the funds must be managed and distributed after the depositor's lifetime to ensure money is available for their needs or the beneficiary’s needs. The person setting up the account (the depositor) and the financial institution holding the money (the custodian) must both sign this agreement.
Who must file IRS Form 5305A?
The form must be fully executed by both the individual who establishes the custodial account (the depositor) and the authorized bank or savings and loan association acting as the custodian.
What information does IRS Form 5305A require?
The form collects identifying information for the depositor, including name, date of birth, and address. It also requires the names, addresses, and principal place of business of the custodian, along with signatures from the depositor, custodian, and optionally a witness.
When is IRS Form 5305A due?
Distribution requirements require that funds begin to be distributed no later than April 1 following the calendar year in which the depositor reaches age 70 1/2. For general cases, remaining interest must be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s death.
Where do I file IRS Form 5305A?
The form is not filed with the Internal Revenue Service; instead, it must be kept with the filer's records.
How do I complete IRS Form 5305A?
The process begins when the depositor establishes the account and the custodian provides the required disclosure statement. Both the depositor and the custodian must sign the form, providing their respective dates of signing. A witness signature is also collected if the law requires witnessing the signatures of either party.
What happens if IRS Form 5305A is filed incorrectly?
The official source does not specify penalties for incorrect completion because Form 5305-A is a model agreement to be retained in records rather than an IRS filing document.
Must I file this form with the IRS?
Do not file Form 5305-A with the IRS; instead, keep it with your records [Form p.2].
Source transparency
Copyright & Licensing - US Government Forms
BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.
Understand the agreement before you sign it.
Review risky clauses in plain English, fix the document, and keep it moving toward signature.