Fillable F5305e Form 5305-E (Rev. October 2016)

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F5305e Form 5305-E (Rev. October 2016)

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Form 5305-E
(Rev. October 2016)
Department of the Treasury
Internal Revenue Service
Coverdell Education Savings Trust Account
(Under section 530 of the Internal Revenue Code)
Do not file
with the Internal
Revenue Service
Name of grantor
Check if amendment . . .
▶
Name of designated beneficiary
Address of designated beneficiary Date of birth of designated beneficiary
Name of responsible individual (generally the parent or guardian of the designated beneficiary)
Address of responsible individual
Name of trustee Address or principal place of business of trustee
The grantor named above is establishing a Coverdell education savings trust account under section 530 for the benefit of the designated
beneficiary exclusively to pay for the qualified elementary, secondary, and higher education expenses, within the meaning of section 530(b)(2),
of such designated beneficiary.
The grantor has assigned the trust
dollars ($
) in cash.
The grantor and the trustee make the following agreement:
Article I
The trustee may accept additional cash contributions provided the designated beneficiary has not attained the age of 18 as of the date such
contributions are made. Contributions by an individual contributor may be made for the tax year of the designated beneficiary by the due date
of the beneficiary’s tax return for that year (excluding extensions). Total contributions that are not rollover contributions described in section
530(d)(5) are limited to $2,000 for the tax year. In the case of an individual contributor, the $2,000 limitation for any year is phased out between
modified adjusted gross income (AGI) of $95,000 and $110,000. For married individuals filing jointly, the phase-out occurs between modified
AGI of $190,000 and $220,000. Modified AGI is defined in section 530(c)(2).
Article II
No part of the trust account funds may be invested in life insurance contracts, nor may the assets of the trust account be commingled with
other property except in a common trust fund or a common investment fund (within the meaning of section 530(b)(1)(D)).
Article III
1. Any balance to the credit of the designated beneficiary on the date on which he or she attains age 30 shall be distributed to him or her
within 30 days of such date.
2. Any balance to the credit of the designated beneficiary shall be distributed within 30 days of his or her death unless the designated
death beneficiary is a family member of the designated beneficiary and is under the age of 30 on the date of death. In such case, that family
member shall become the designated beneficiary as of the date of death.
Article IV
The grantor shall have the power to direct the trustee regarding the investment of the above-listed amount assigned to the trust (including
earnings thereon) in the investment choices offered by the trustee. The responsible individual, however, shall have the power to redirect the
trustee regarding the investment of such amounts, as well as the power to direct the trustee regarding the investment of all additional
contributions (including earnings thereon) to the trust. In the event that the responsible individual does not direct the trustee regarding the
investment of additional contributions (including earnings thereon), the initial investment direction of the grantor also will govern all additional
contributions made to the trust account until such time as the responsible individual otherwise directs the trustee. Unless otherwise provided
in this agreement, the responsible individual also shall have the power to direct the trustee regarding the administration, management, and
distribution of the account.
Article V
The “responsible individual” named by the grantor shall be a parent or guardian of the designated beneficiary. The trust shall have only one
responsible individual at any time. If the responsible individual becomes incapacitated or dies while the designated beneficiary is a minor
under state law, the successor responsible individual shall be the person named to succeed in that capacity by the preceding responsible
individual in a witnessed writing or, if no successor is so named, the successor responsible individual shall be the designated beneficiary’s
other parent or successor guardian. Unless otherwise directed by checking the option below, at the time that the designated beneficiary
attains the age of majority under state law, the designated beneficiary becomes the responsible individual. If a family member under the age
of majority under state law becomes the designated beneficiary by reason of being a named death beneficiary, the responsible individual shall
be such designated beneficiary’s parent or guardian.
Option (This provision is effective only if checked): The responsible individual shall continue to serve as the responsible individual for the
trust after the designated beneficiary attains the age of majority under state law and until such time as all assets have been distributed from
the trust and the trust terminates. If the responsible individual becomes incapacitated or dies after the designated beneficiary reaches the age
of majority under state law, the responsible individual shall be the designated beneficiary.
Cat. No. 25205V
Form
5305-E (Rev. 10-2016)
Form 5305-E (Rev. 10-2016)
Page 2
Article VI
The responsible individual may or may not change the beneficiary designated under this agreement to another member of the
designated beneficiary’s family described in section 529(e)(2) in accordance with the trustee’s procedures.
Article VII
1. The grantor agrees to provide the trustee with all information necessary to prepare any reports required by section 530(h).
2. The trustee agrees to submit to the Internal Revenue Service (IRS) and responsible individual the reports prescribed by the IRS.
Article VIII
Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through III will be controlling. Any
additional articles inconsistent with section 530 and the related regulations will be invalid.
Article IX
This agreement will be amended as necessary to comply with the provisions of the Code and the related regulations. Other amendments
may be made with the consent of the grantor and trustee whose signatures appear below.
Article X
Article X may be used for any additional provisions. If no other provisions will be added, draw a line through this space. If provisions are
added, they must comply with applicable requirements of state law and the Internal Revenue Code.
Grantor’s signature Date
Trustee’s signature Date
Witness’ signature Date
(Use only if signature of the grantor or the trustee is required to be witnessed.)
General Instructions
Section references are to the Internal
Revenue Code unless otherwise noted.
What's New
Military death gratuity. Families of soldiers
who receive military death benefits may
contribute, subject to certain limitations, up to
100 percent of such benefits into an
educational savings account. Publication 970,
Tax Benefits for Education, explains the rules
for rolling over the military death gratuity and
lists eligible family members.
Purpose of Form
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. A Coverdell education savings
account (ESA) is established after the form is
fully executed by both the grantor and the
trustee. This account must be created in the
United States for the exclusive purpose of
paying the qualified elementary, secondary,
and higher education expenses of the
designated beneficiary.
If the model account is a custodial account,
see Form 5305-EA, Coverdell Education
Savings Custodial Account.
Do not file Form 5305-E with the IRS.
Instead, the grantor must keep the completed
form in its records.
Definitions
Trustee. 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. Any
person who may serve as a trustee of a
traditional IRA may serve as the trustee of a
Coverdell ESA.
Grantor. The grantor is the person who
establishes the trust account.
Designated beneficiary. The designated
beneficiary is the individual on whose behalf
the trust account has been established.
Family member. Family members of the
designated beneficiary include his or her
spouse, child, grandchild, sibling, parent,
niece or nephew, son-in-law, daughter-in-law,
father-in-law, mother-in-law, brother-in-law,
or sister-in-law, and the spouse of any such
individual. A first cousin, but not his or her
spouse, is also a “family member.”
Responsible individual. The responsible
individual, generally, is a parent or guardian of
the designated beneficiary. However, under
certain circumstances, the responsible
individual may be the designated beneficiary.
Identification Numbers
The grantor and designated beneficiary’s
social security numbers will serve as their
identification numbers. If the grantor is a
nonresident alien and does not have an
identification number, write “Foreign” on the
return for which is filed to report the grantor's
information. The designated beneficiary’s
social security number is the identification
number of his or her Coverdell ESA. If the
designated
beneficiary is a nonresident alien, the
designated beneficiary’s individual taxpayer
identification number is the identification
number of his or her Coverdell ESA. An
employer identification number (EIN) is
required only for a Coverdell ESA for which a
return is filed to report unrelated business
income. An EIN is required for a common fund
created for Coverdell ESAs.
Specific Instructions
Note: The age limitation restricting
contributions, distributions, rollover
contributions, and change of beneficiary are
waived for a designated beneficiary with
special needs.
Article X. Article X and any that follow may
incorporate additional provisions that are
agreed to by the grantor and trustee to
complete the agreement. They may include,
for example, provisions relating to: definitions,
investment powers, voting rights, exculpatory
provisions, amendment and termination,
removal of the trustee, trustee’s fees, state
law requirements, treatment of excess
contributions, and prohibited transactions
with the grantor, designated beneficiary, or
responsible individual, etc. Attach additional
pages as necessary.
Optional provisions in Article V and Article
VI. Form 5305-E may be reproduced in a
manner that provides only those optional
provisions offered by the trustee.
Form 5305-E (Rev. 10-2016)
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F5305e Form 5305-E (Rev. October 2016)

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Completed 14 March 2020

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