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Form 5305S: SIMPLE Individual Retirement Trust Account
Department of the Treasury Internal Revenue Service Form 5305-S is a model trust account agreement used to establish a SIMPLE IRA under sections 408(a) and 408(p). The participant’s entire interest must be distributed not later than April 1 following the calendar year in which the participant reaches age 70 1 /2.
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IRS Form 5305S - SIMPLE Individual Retirement Trust Account
Department of the Treasury Internal Revenue Service Form 5305-S is a model trust account agreement used to establish a SIMPLE IRA under sections 408(a) and 408(p). The participant’s entire interest must be distributed not later than April 1 following the calendar year in which the participant reaches age 70 1 /2.
Risk Radar
Scan points- 1Do not file Form 5305-S with the IRS; keep this model agreement solely within your records.
- 2Filing Form 5305-S with the Internal Revenue Service instead of keeping it in records.
- 3Allowing trust assets to be commingled with other property outside a common fund or investment fund.
- 4Investing any part of the trust account funds in life insurance contracts.
- 5Failing to calculate the required minimum distribution using uniform Cat. No. 23699N.
Plain English
This form creates a legal trust account agreement for an individual's retirement savings, known as a SIMPLE IRA. It establishes rules that govern how the money must be managed and distributed to ensure funds are available when the participant needs them later in life. The agreement outlines specific restrictions regarding investments and mandatory withdrawal schedules.
Submission Date
- Filing date: 2017-09-16 08:03:08
- 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 model trust account agreement for a SIMPLE IRA under sections 408(a) and 408(p).
- Do not use it when the participant or trustee fails to sign, date, and provide required witness signatures.
- Check no specific alternative form number instead when filing this document; instead, retain the form for records.
Form selector
Use this form or another form?
The agreement must establish a SIMPLE IRA account under sections 408(a) and 408(p).
The form serves as a model trust account agreement that meets the requirements of these specific code sections.
✓ Confirm the participant and trustee execute this form.
The required beginning date for distribution is April 1 following the calendar year in which the participant reaches age 70 1 /2.
The entire interest must be distributed by this specific deadline to comply with IRS regulations.
✓ Verify the participant's age and the required beginning date.
The trust account funds cannot be invested in life insurance contracts or commingled with other property, except as permitted law allows.
Specific restrictions govern investments (e.g., collectibles) to ensure compliance with the Internal Revenue Code.
✓ Review Article III of Form 5305-S for investment rules.
Deadline or filing window
The distribution of the participant’s entire interest must begin no later than April 1 following the calendar year in which the participant reaches age 70 1 /2. The minimum amount required to be distributed each year is determined using account value at the close of business on December 31 of the preceding year divided by the distribution period found in uniform Cat. No. 23699N.
Checklist
What you need before filling it out
Participant/Trustee Names and Addresses
Full legal names and addresses of both parties · Form p.1 (Header)
Establishment Date and Signatures
The form must be fully executed by both the individual (participant) and the trustee · Form p.2 (General Instructions)
Trustee Qualifications
The trustee 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 trustee · Form p.2 (Definitions)
Distribution Period Calculation
Account value at close of business on December 31 divided by the distribution period in Uniform Cat. No. 23699N · Form p.1, Article IV, section 5(a)
Filing Instructions
The form must be kept with records and not filed with the Internal Revenue Service · Form p.2 (General Instructions)
Before you submit
- 1Confirm that both the participant and the trustee have signed the agreement, and the date is filled out.
- 2Verify that the account establishment complies with sections 408(a) and 408(p).
- 3Ensure the trust account funds are not invested in life insurance contracts or commingled with other property outside of a common trust fund or common investment fund.
- 4Confirm that any additional articles added (Article VIII) comply with applicable requirements of state law and the Internal Revenue Code.
- 5If required, obtain a witness signature and date for either the participant or the trustee.
- 6Review the document to confirm it is the current edition of Form 5305-S (Rev. April 2017).
- 7Keep the fully executed form with internal records; do not file it with the Internal Revenue Service.
How to file this form
- 1Complete the participant details, trustee details, and determine if the account is a transfer SIMPLE IRA.
- 2Review Articles I through VII to establish the governing provisions of the trust agreement.
- 3Execute the form by having both the participant and the trustee sign and date the document.
- 4Retain the fully executed Form 5305-S with your records, as it must not be filed with the IRS.
Known limitations
- 1The participant cannot invest trust account funds in life insurance contracts or commingle assets with other property unless it is within a common trust fund or common investment fund.
- 2Trust account funds cannot be invested in collectibles, except for certain gold, silver, and platinum coins, coins issued under the laws of any state, and certain bullion.
- 3If the participant dies before distributing their entire interest and the designated beneficiary is not the surviving spouse, no additional contributions may be accepted into the account.
- 4The summary description requirements of section 408(l)(2) do not apply to transfer SIMPLE IRAs.
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 on file is dated April 2017. The official source states that only Articles I through VII of Form 5305-S have been reviewed by the IRS.
What changed or needs a fresh check
- Edition date — confirm the revision date reads April 2017.
- Fee — No filing fee information is stated in the official source.
- Mailing address — The source does not provide a required mailing or filing address for this form.
- Signature — Confirm space is available and reserved for signatures of the participant, trustee, and witness.
Quick Facts
Downloads
After you file
- 1Do not file Form 5305-S with the Internal Revenue Service; instead, keep it with your records.
- 2The account is established only after both the individual (participant) and the trustee fully execute the form.
- 3For required disclosures regarding SIMPLE IRAs, consult Pub. 590-A, Pub. 590-B, and Pub 560.
- 4The participant must review the distribution option in the year they reach age 70 1/2 to ensure requirements of section 408(a)(6) are met.
Sources
- SRCForm p.1 — The participant must establish the account under sections 408(a) and 408(p).
- SRCForm p.1 — No part of the trust account funds may be invested in life insurance contracts, nor may assets be commingled with other property except in a common trust fund or common investment fund.
- SRCForm p.1 — The required minimum distribution (RMD) is determined using uniform Cat. No. 23699N for participants whose beneficiary is not their surviving spouse.
- SRCForm p.1 — If the participant dies before full distribution and the designated beneficiary is not the surviving spouse, no additional contributions may be accepted.
- SRCForm p.2 — Do not file Form 5305-S with the IRS; instead, keep it with your records.
- SRCForm p.2 — The trustee 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 trustee.
Common confusion points
Where should I file this agreement?
The source explicitly states that Form 5305-S must be kept with your records, not filed with the IRS.
→ Do not send this form to the tax agency.
Who needs to sign this document?
Both the individual (participant) and the trustee must execute the form for it to be considered fully executed.
→ Ensure both parties have signed and dated the agreement.
What is a SIMPLE IRA?
It is established after the form is fully executed by both the participant and the trustee, and the account must be created in the United States for the exclusive benefit of the participant and his or her beneficiaries.
→ Verify that the purpose matches establishing a trust account under sections 408(a) and 408(p).
Do I need to worry about required minimum distributions?
The calculation is determined using the participant’s account value at the close of business on December 31 divided by the distribution period in Uniform Cat. No. 23699N Form 5305-S.
→ Use the correct formula and reference the appropriate uniform chart.
Can I mix this trust with other assets?
The source prohibits commingling of assets unless they are held within a common trust fund or common investment fund.
What if the participant dies before all funds are distributed?
If the designated beneficiary is not the surviving spouse, no additional contributions may be accepted in the account.
→ Confirm the status of the designated beneficiary.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Pub. 590-A (Provides information on required disclosures the trustee must give the participant.)
Questions about IRS Form 5305S
What is IRS Form 5305S used for?
This form creates a legal trust account agreement for an individual's retirement savings, known as a SIMPLE IRA. It establishes rules that govern how the money must be managed and distributed to ensure funds are available when the participant needs them later in life. The agreement outlines specific restrictions regarding investments and mandatory withdrawal schedules.
Who must file IRS Form 5305S?
The form must be fully executed by both the individual who is the participant, who establishes the trust account, and the designated trustee.
What information does IRS Form 5305S require?
The form collects identifying information (name, date of birth, address) for both the participant and the trustee. It also records whether the SIMPLE IRA is a transfer IRA and documents the specific agreement terms regarding the savings incentive match plan.
Where do I file IRS Form 5305S?
The form must not be filed with the Internal Revenue Service; instead, the participant and trustee should keep it with their records.
How do I complete IRS Form 5305S?
The form must be fully executed by both the individual participant and the trustee. Signatures from a witness are required only if the signature of the participant or the trustee requires witnessing.
What happens if IRS Form 5305S is filed incorrectly?
The agreement establishes mandatory distribution schedules and rules regarding investments; failure to comply may violate the terms set forth by sections 408(a) and 408(p).
Where should I file this agreement?
The source explicitly states that Form 5305-S must be kept with your records, not filed with the IRS. Do not send this form to the tax agency.
Who needs to sign this document?
Both the individual (participant) and the trustee must execute the form for it to be considered fully executed. Ensure both parties have signed and dated the agreement.
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