Get Form 5305-r (rev. January 1998 )

Form 5305-R is a model trust account agreement that meets the requirements of section 408A. However, only Articles I through VIII have been reviewed by the IRS. A Roth individual retirement account (Roth IRA) is established after the form is fully executed by both the individual (grantor) and the trustee.

Form 5305 may be used to establish the IRA trust for a nonworking spouse. Contributions to an IRA trust account for a nonworking spouse must be made to a separate IRA trust account established by the nonworking spouse.

An IRA trustee, also called a custodian, is the institution that administers your IRA. By law, every qualified retirement plan must have a custodian or trustee. A trustee may be a bank, credit union, financial institution, or trust company, such as IRA Financial Trust.

IRS Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) - for Use with a Designated Financial Institution, if you require that all contributions under the SIMPLE IRA plan be initially deposited with a designated financial institution.

5-year rule: If a beneficiary is subject to the 5-year rule, They must empty account by the end of the 5th year following the year of the account holders' death. 2020 does not count when determining the 5 years. No withdrawals are required before the end of that 5th year.

Form 5305 may be used to establish the IRA trust for a nonworking spouse. Contributions to an IRA trust account for a nonworking spouse must be made to a separate IRA trust account established by the nonworking spouse.

Traditional IRA for Nonworking Spouse - Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse.