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Official form guide
Form 5305B: 5305-B
IRS Form 5305‑B is the IRA Contribution Agreement used to set up a Traditional or Roth Individual Retirement Account with a financial institution. It is completed when you open a new IRA and outlines contribution limits and tax treatment.
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IRS Form 5305B - 5305-B
IRS Form 5305‑B is the IRA Contribution Agreement used to set up a Traditional or Roth Individual Retirement Account with a financial institution. It is completed when you open a new IRA and outlines contribution limits and tax treatment.
Risk Radar
Scan points- 1A missing or incorrect signature can invalidate the entire IRA setup.
- 2Incorrect account type selected (Traditional vs. Roth)
- 3Wrong contribution limit entered
- 4Missing signature or date
- 5Using an outdated edition of the form
Plain English
Think of Form 5305‑B as the paperwork you sign with a bank or brokerage to start an IRA. It tells the custodian how much you can put in each year and whether the account is tax‑deductible or after‑tax. You keep the signed form with your records, not with the IRS.
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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Glossary Terms
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What this form is for
- Use when opening a new Traditional or Roth IRA with a new custodian.
- Do not use for rollovers, conversions, or recharacterizations.
- Check Form 5498 for annual reporting of contributions.
Form selector
Use this form or another form?
Rolling over an existing IRA
Required for reporting rollover income
✓ Verify rollover timing
Changing from Traditional to Roth
Tracks nondeductible contributions
✓ Ensure basis is correct
Closing an IRA
Reports distributions
✓ Confirm correct tax treatment
Deadline or filing window
There is no IRS deadline for Form 5305‑B. The form must be completed and returned to the custodian before the first contribution is deposited; otherwise the contribution may be treated as invalid.
- —Annual contribution limit | $6,500 (or $7,500 if age 50+) | Max allowable contribution | Verify age eligibility
Checklist
What you need before filling it out
Account type selection
Custodian’s IRA product brochure · Account opening packet
Taxpayer ID number
Social Security card or ITIN document · Personal ID copy
Signature block
Handwritten signature of account holder · Physical form copy
Contribution limit field
IRS annual limit notice · IRS Publication 590‑A
Before you submit
- 1Use the latest edition of Form 5305‑B
- 2Enter correct account type (Traditional or Roth)
- 3Check the contribution limit matches the current tax year
- 4Verify SSN/ITIN is accurate
- 5Include both account holder and custodian signatures
- 6Date the form
- 7Attach any required custodian identification numbers
- 8Retain a copy for personal records
- 9Send the form to the custodian’s exact address
- 10Confirm receipt with the custodian before contributing
- 11Update the form if personal information changes
How to file this form
- 1Download the current Form 5305‑B from IRS.gov or request from custodian
- 2Complete personal and account‑type sections
- 3Enter the IRS‑published contribution limit for the year
- 4Sign and date the agreement
- 5Have the custodian sign the acknowledgement section
- 6Mail or deliver the form to the custodian’s designated office
- 7Obtain a stamped copy as proof of submission
- 8Wait for custodian confirmation before making any deposit
Known limitations
- 1Form does not report contributions to the IRS; custodian does via Form 5498
- 2IRS does not provide a live validation tool for the form
- 3Contribution limits change annually; the form must be matched to the tax year
- 4No electronic filing option directly with the IRS
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->Form 5305‑B is a static agreement; there is no filing deadline with the IRS. Use the most recent edition available on the IRS website.
What changed or needs a fresh check
- Edition date – verify the form is the 2024 revision or later
- Fee – no filing fee; custodian may charge account‑opening fees
- Mailing address – send to custodian’s designated address, not IRS
- Signature line – include both account holder and custodian representative
- Contact info – ensure current phone and email for follow‑up
Quick Facts
Downloads
After you file
- 1Keep the signed copy with your IRA records
- 2Track contribution amounts throughout the year
- 3Verify that the custodian files Form 5498 by May 31 of the following year
- 4Check the annual IRA statement for correct classification
- 5Adjust future contributions if you approach the limit
- 6Update the agreement if you change to a different IRA type
- 7Retain all related correspondence for at least seven years
Sources
- SRCForm 5305‑B title and purposeIRS official form description
- SRCAccount‑type optionslisted on the form header
- SRCContribution limit referenceIRS Publication 590‑A
- SRCSignature requirementsform instructions section
- SRCSubmission addresscustodian’s instructions, not IRS
- SRCNo filing deadlineIRS guidance on IRA agreements
- SRCForm 5498 reporting roleIRS instructions for custodians
- SRCForm 8606 connectionIRS guidance on nondeductible contributions
Common confusion points
Traditional vs. Roth
Tax treatment differs; many mix them up
→ Review the custodian’s product description
Contribution limit amount
Limits rise each year
→ Compare with IRS Publication 590‑A
Who signs the form
Both account holder and custodian need signatures
→ Verify custodian’s signature line
Where to send
Not an IRS submission
→ Use custodian’s address on account opening packet
Rollovers vs. new contributions
Different forms required
→ Use Form 1040‑SA for rollovers
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 5329 for IRA penalties
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