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Form 5305E: Coverdell Education Savings Trust Account
IRS Form 5305-E is a model trust account agreement used to establish a Coverdell Education Savings Trust Account for paying qualified elementary, secondary, and higher education expenses. A specific fact: Total contributions are limited to $2,000 per tax year.
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IRS Form 5305E - Coverdell Education Savings Trust Account
IRS Form 5305-E is a model trust account agreement used to establish a Coverdell Education Savings Trust Account for paying qualified elementary, secondary, and higher education expenses. A specific fact: Total contributions are limited to $2,000 per tax year.
Risk Radar
Scan points- 1Not getting both the grantor and trustee signatures makes the agreement invalid.
- 2Failing to get either the grantor or trustee signature.
- 3Exceeding the $2,000 annual contribution limit per tax year.
- 4Not providing a complete designated beneficiary name and date of birth.
- 5Missing the responsible individual’s information (name and address).
Plain English
This form helps you set up an account called a Coverdell Education Savings Trust (ESA) so money can be saved for someone’s school costs like elementary, middle, high school, or college.
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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What this form is for
- Use this form when establishing a Coverdell Education Savings Trust Account
- Do not use it when filing with the IRS
- Check Form 5305-EA instead when establishing a Coverdell Education Savings Custodial Account
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Name of grantor
Grantor's legal name · ID documents (driver's license)
Designated beneficiary information (name, address, DOB)
Beneficiary's birth certificate or ID · Birth certificate
Name and address of responsible individual
Responsible individual's ID or proof of address · Driver's license
Trustee information (name, address)
Trustee's business registration documents · Bank charter
Before you submit
- 1Verify all required fields on page 1 (grantor, beneficiary, responsible individual) are completed accurately.
- 2Confirm the trustee's name and business address match their official records.
- 3Check that the designated beneficiary is a family member if using Article VI for changes (per p.2).
- 4Ensure no amendments to Articles I-III unless necessary; any additions must comply with IRC regulations (p.8).
- 5Verify signatures of grantor and trustee are legible and dated correctly.
- 6Keep a copy of the completed form in your records, as it's not filed with IRS (p.2).
- 7If contributing military death gratuity funds, refer to Publication 970 for contribution limits (p.2).
How to file this form
- 1Complete Form 5305-E with all required information
- 2Obtain signatures from grantor and trustee (and witness if required)
- 3Keep a copy of the completed form in your records
- 4Create the Coverdell ESA account at a qualified trustee after execution
Known limitations
- 1Total contributions are limited to $2,000 per tax year
- 2The account must be created in the United States
- 3Distributions can only be used for qualified elementary, secondary, and higher education expenses
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 edition is Rev. 10-2016; no 'latest information' page referenced in the source.
What changed or needs a fresh check
- Edition date — confirm revision date reads 10-2016
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Both grantor and trustee must sign
Quick Facts
Downloads
After you file
- 1Retain a copy of Form 5305-E in your records indefinitely.
- 2Expect no IRS acknowledgment receipt; keep the signed form as proof of establishment.
- 3If an error is found, amend using the 'Check if amendment' box and resubmit with updated signatures (p.1).
- 4For changes to beneficiary or contributions after initial setup, follow Article VI/VII procedures outlined in the agreement.
Sources
- SRCOfficial title: 'Coverdell Education Savings Trust Account' — [Form p.1]
- SRCModel agreement purpose: Form 5305-E is a model trust account agreement that meets the requirements of section 530(b)(1) and has been pre-approved by the IRS — [Form p.2]
- SRCNot filed with IRS: Do not file Form 5305-E with the IRS. Instead, the grantor must keep the completed form in its records — [Form p.2]
- SRCEIN requirement: An EIN is required only for a Coverdell ESA for which a return is filed to report unrelated business income — [Form p.2]
- SRCMilitary death gratuity info: Publication 970, Tax Benefits for Education, explains the rules for rolling over military death gratuity and lists eligible family members — [Form p.2]
- SRCCustodial account alternative: If the model account is a custodial account, see Form 5305-EA, Coverdell Education Savings Custodial Account — [Form p.2]
Common confusion points
Do I need to file this form with the IRS?
People may assume they need to submit like other tax forms
→ The source explicitly states not to file Form 5305-E with the IRS; keep it in your records instead
What expenses are considered qualified for distributions?
Unclear if certain education costs qualify
→ Refer to Publication 970, Tax Benefits for Education (mentioned on page 2), or the form's description of qualified elementary/secondary/higher education expenses
Can I change the beneficiary after signing this agreement?
Uncertain about amendment process
→ Check Article VI and IX; amendments require consent from both grantor and trustee, as stated in the source (page 2)
Is an EIN required for my Coverdell ESA?
Might not know if EIN is needed unless reporting income
→ An EIN is required only for accounts with unrelated business income or common funds, as stated on page 2
What happens to the account if the responsible individual dies after the beneficiary reaches majority?
Unclear about successor beneficiary
→ If the responsible individual becomes incapacitated or dies after the designated beneficiary reaches state law's age of majority, they become the designated beneficiary (stated on page 1)
Can I contribute more than $2,000 per tax year?
Might not know contribution limits
→ Total contributions are limited to $2,000 per tax year for the designated beneficiary (as noted in the already written information and implied from standard Coverdell rules; source does not explicitly state this but is a key rule)
Workflow map
Related forms and next steps
Before
Current
After
No sequential steps specified.
⚠ If something goes wrong
- Establishes Coverdell Education Savings Trust Account for qualified education expenses
- See Publication 970, Tax Benefits for Education, for rules on military death gratuity contributions
Questions about IRS Form 5305E
What is IRS Form 5305E used for?
This form helps you set up an account called a Coverdell Education Savings Trust (ESA) so money can be saved for someone’s school costs like elementary, middle, high school, or college.
Who must file IRS Form 5305E?
The person who creates the trust (the grantor).
What information does IRS Form 5305E require?
Part I collects personal information about the grantor, designated beneficiary, responsible individual, and trustee.
Where do I file IRS Form 5305E?
Do not submit this form to the IRS; keep it for your records.
How do I complete IRS Form 5305E?
Complete all required fields on the form (including names, dates of birth), agree to the terms in Articles I through IX, and sign both the grantor’s signature line and the trustee’s signature line (and a witness if needed).
Do I need to file this form with the IRS?
People may assume they need to submit like other tax forms The source explicitly states not to file Form 5305-E with the IRS; keep it in your records instead
What expenses are considered qualified for distributions?
Unclear if certain education costs qualify Refer to Publication 970, Tax Benefits for Education (mentioned on page 2), or the form's description of qualified elementary/secondary/higher education expenses
Can I change the beneficiary after signing this agreement?
Uncertain about amendment process Check Article VI and IX; amendments require consent from both grantor and trustee, as stated in the source (page 2)
Source transparency
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