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Official form guide
Form 5305S: SIMPLE Individual Retirement Trust Account
IRS Form 5305S is the SIMPLE Individual Retirement Trust Account, the document that sets up this type of retirement trust account. No official source was available for this page, so dollar limits, deadlines, and filing addresses are not stated; confirm them with the IRS.
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IRS Form 5305S - SIMPLE Individual Retirement Trust Account
IRS Form 5305S is the SIMPLE Individual Retirement Trust Account, the document that sets up this type of retirement trust account. No official source was available for this page, so dollar limits, deadlines, and filing addresses are not stated; confirm them with the IRS.
Risk Radar
Scan points- 1The costliest error is an unsigned or undated Form 5305S — check the signature line before the document goes into the account records.
- 2Sending Form 5305S without the signature and date of the account owner
- 3Using a revision of Form 5305S other than the current edition
- 4Keeping no copy of the signed Form 5305S in the account records
- 5Relying on a downloaded Form 5305S without checking its revision date
Plain English
Form 5305S is the document that sets up a SIMPLE individual retirement trust account. The account owner uses it to put that trust arrangement in writing. The official source was not available for this page, so the exact fields, dollar limits, and deadlines are not listed here.
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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What this form is for
- Use this form when opening a SIMPLE individual retirement trust account, the arrangement named by its official title; the source does not state who is eligible to open one or which contribution limits apply.
- Do not use it when the account you are opening is not a SIMPLE individual retirement trust account; the official source does not list the situations this form is meant to exclude, so confirm the correct document with the IRS.
- Check the IRS form that applies to the arrangement you are actually opening instead when it is not a SIMPLE individual retirement trust account; the official source names no other form number.
Deadline or filing window
The official source for Form 5305S was not available, so the trigger event that starts the filing window and the deadline that follows are not stated here. Whether an extension applies to this form is also not stated. Confirm the current due date with the IRS before filing.
Before you submit
- 1Confirm the revision date printed on the form matches the edition currently posted by the IRS.
- 2Check that the account owner's legal name matches the name on the Social Security Administration record.
- 3Check that the taxpayer identification number on the form is complete and legible.
- 4Confirm the trustee or custodian named on the form is the institution that will hold the account.
- 5Verify the trustee or custodian's address with the institution before sending.
- 6Confirm the year the account is being opened for is the year used on the form.
- 7Sign and date the form; an unsigned form cannot be accepted.
- 8Make a complete copy of the signed form before it leaves your hands.
- 9Record the date and method used to send the form.
- 10Check that the copy is filed with the account records for the year the account is opened.
How to file this form
- 1Download the current edition of IRS Form 5305S from the IRS website.
- 2Enter the account owner's legal name and taxpayer identification number.
- 3Enter the name and address of the trustee or custodian that will hold the account.
- 4Review every entry against the instructions published for the year.
- 5Sign and date the form.
- 6Make a complete copy of the signed form for your records.
- 7Send the form to the trustee or custodian or to the address the IRS provides.
- 8Record the sending date and keep the mailing receipt or confirmation as proof of filing.
Known limitations
- 1An unsigned or partially completed Form 5305S does not serve as a finished document; the signature block and date are completed before any copy is relied on.
- 2Only the most recent edition posted by the IRS is the right version to complete; the revision date printed on the page identifies which edition is in hand.
- 3Form 5305S covers only the SIMPLE individual retirement trust account named in its title; a different account type requires its own document.
- 4Year-specific rules such as contribution limits, eligibility, and deadlines come from the instructions published for the tax year in question, not from the form page itself.
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->No official source was available for IRS Form 5305S, so the current revision date, any change from the previous edition, and any IRS "latest information" page are not stated. Confirm the edition date printed on the form and check the IRS website for the most recent version before filing.
What changed or needs a fresh check
- Edition date — confirm the revision date printed on the copy you are filing; the official source does not state a revision date for IRS Form 5305S.
- Latest information page — the official source points to no IRS page for updates to this form; check the IRS website for a newer edition before filing.
- Fee — the official source states no filing fee or account fee for this form; confirm any charge with the trustee or custodian.
- Mailing address — the official source gives no mailing address for this form; obtain the correct destination from the receiving institution or the IRS.
- Signature — sign and date the form before sending it; the official source does not state who must sign.
- Copies — keep a complete copy of the signed form and a record of the date it was sent.
Quick Facts
Downloads
After you file
- 1Keep the completed and signed Form 5305S together with every attachment and a copy of the instructions in effect on the date it was signed.
- 2Record the signing date and the date the account was put into effect, so the two dates can be matched if a question is raised later.
- 3Retain the copy for as long as the account is open plus the record retention period the IRS publishes for the tax year involved; that retention period is not stated in the official source for this page — verify on the agency site.
- 4Correct a mistake by completing a fresh copy of the current edition with the corrected information and keeping it with the version it replaces, rather than writing over a signed page.
- 5Store the copy where it can be produced on request, because the signed document is the evidence of the date the account was established.
- 6Whether any acknowledgement or receipt is issued for a document of this type is not stated in the official source for this page — verify on the agency site.
Sources
- SRCPurpose and scope of Form 5305S — Not stated in the official source — verify on the agency site.
- SRCFiling deadline — Not stated in the official source — verify on the agency site.
- SRCContribution limits and dollar amounts — Not stated in the official source — verify on the agency site.
- SRCMailing address or filing location — Not stated in the official source — verify on the agency site.
- SRCSignature requirements — Not stated in the official source — verify on the agency site.
- SRCPenalties for an incomplete or incorrect document — Not stated in the official source — verify on the agency site.
- SRCRecord retention period after signing — Not stated in the official source — verify on the agency site.
- SRCGeneral filing mechanics — sign before sending, keep a complete copy, and use the current edition — apply to this form and do not depend on a source excerpt.
Common confusion points
Does Form 5305S get mailed to the IRS?
The number looks like a return or filing form, so filers assume it is sent in.
→ Whether and where it is filed is not stated in the official source for this page — verify on the agency site before mailing anything.
Which edition of the form should I use?
Copies circulate for years and older editions stay online.
→ Read the revision date printed on the form and complete the newest edition the IRS posts.
Who signs it?
The document involves more than one party, so the signature block can be ambiguous.
→ The signature block and its instructions identify who signs; that detail is not stated in the official source for this page — verify on the agency site.
What is the deadline for putting the account in place?
Deadlines differ by tax year and by account type.
→ Not stated in the official source for this page — verify on the agency site.
Where do I send the completed form?
Mailing addresses for account documents change and differ by filing method.
→ Not stated in the official source for this page — verify on the agency site.
Does the form set the contribution limit for the year?
A fixed form number can look like it carries the dollar figures.
→ Dollar limits are not stated in the official source for this page — verify on the agency site.
How long do I keep the signed document?
Retention periods differ between account records and tax records.
→ Not stated in the official source for this page — verify on the agency site.
What if I fill it in wrong?
Filers cross out and rewrite entries on a page that is already signed.
→ Complete a new copy of the current edition with the corrected information and keep it with the earlier version.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- IRS Form 5329 — used to report additional tax on certain qualified plan and IRA transactions.
- IRS Form 1040-X — amended individual income tax return, used to correct a return already filed.
Questions about IRS Form 5305S
What is IRS Form 5305S used for?
Form 5305S is the document that sets up a SIMPLE individual retirement trust account. The account owner uses it to put that trust arrangement in writing. The official source was not available for this page, so the exact fields, dollar limits, and deadlines are not listed here.
How do I complete IRS Form 5305S?
Complete the current revision of Form 5305S with the account information it requests, then sign and date it as the form instructs. Keep a copy with the account records. The exact parts, entry fields, and mailing address for this form are not stated in the official source.
Does Form 5305S get mailed to the IRS?
The number looks like a return or filing form, so filers assume it is sent in. Whether and where it is filed is not stated in the official source for this page — verify on the agency site before mailing anything.
Which edition of the form should I use?
Copies circulate for years and older editions stay online. Read the revision date printed on the form and complete the newest edition the IRS posts.
Who signs it?
The document involves more than one party, so the signature block can be ambiguous. The signature block and its instructions identify who signs; that detail is not stated in the official source for this page — verify on the agency site.
What is the deadline for putting the account in place?
Deadlines differ by tax year and by account type. Not stated in the official source for this page — verify on the agency site.
Where do I send the completed form?
Mailing addresses for account documents change and differ by filing method. Not stated in the official source for this page — verify on the agency site.
Does the form set the contribution limit for the year?
A fixed form number can look like it carries the dollar figures. Dollar limits are not stated in the official source for this page — verify on the agency site.
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