Fillable Roth Individual Retirement Custodial Account

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Roth Individual Retirement Custodial Account

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Form 5305-RA
Roth Individual Retirement Custodial Account
(Rev. March 2002)
Cat. No. 25094Y
Department of the Treasury
Internal Revenue Service
(Under section 408A of the Internal Revenue Code)
Do not file
with the Internal
Revenue Service
Name of depositor Date of birth of depositor Social security number
Address of depositor
Check if amendment
�
Name of custodian Address or principal place of business of custodian
The depositor named above is establishing a Roth individual retirement account (Roth IRA) under section 408A to
provide for his or her retirement and for the support of his or her beneficiaries after death.
The custodian named above has given the depositor the disclosure statement required by Regulations section 1.408-6.
The depositor assigned the custodial account $
The depositor and the custodian make the following agreement:
Article I
Except in the case of a rollover contribution described in section 408A(e), a recharacterized contribution described in section
408A(d)(6), or an IRA Conversion Contribution, the custodian will accept only cash contributions up to $3,000 per year for tax
years 2002 through 2004. That contribution limit is increased to $4,000 for tax years 2005 through 2007 and $5,000 for 2008
and thereafter. For individuals who have reached the age of 50 before the close of the tax year, the contribution limit is
increased to $3,500 per year for tax years 2002 through 2004, $4,500 for 2005, $5,000 for 2006 and 2007, and $6,000 for 2008
and thereafter. For tax years after 2008, the above limits will be increased to reflect a cost-of-living adjustment, if any.
Article II
1. The annual contribution limit described in Article I is gradually reduced to $0 for higher income levels. For a single
depositor, the annual contribution is phased out between adjusted gross income (AGI) of $95,000 and $110,000; for a married
depositor filing jointly, between AGI of $150,000 and $160,000; and for a married depositor filing separately, between AGI of $0
and $10,000. In the case of a conversion, the custodian will not accept IRA Conversion Contributions in a tax year if the
depositor’s AGI for the tax year the funds were distributed from the other IRA exceeds $100,000 or if the depositor is married
and files a separate return. Adjusted gross income is defined in section 408A(c)(3) and does not include IRA Conversion
Contributions.
2. In the case of a joint return, the AGI limits in the preceding paragraph apply to the combined AGI of the depositor and his
or her spouse.
Article III
The depositor’s interest in the balance in the custodial account is nonforfeitable.
Article IV
1. No part of the custodial account funds may be invested in life insurance contracts, nor may the assets of the custodial
account be commingled with other property except in a common trust fund or common investment fund (within the meaning of
section 408(a)(5)).
2. No part of the custodial account funds may be invested in collectibles (within the meaning of section 408(m)) except as
otherwise permitted by section 408(m)(3), which provides an exception for certain gold, silver, and platinum coins, coins issued
under the laws of any state, and certain bullion.
Article V
1. If the depositor dies before his or her entire interest is distributed to him or her and the depositor’s surviving spouse is not
the designated beneficiary, the remaining interest will be distributed in accordance with (a) below or, if elected or there is no
designated beneficiary, in accordance with (b) below:
(a) The remaining interest will be distributed, starting by the end of the calendar year following the year of the depositor’s
death, over the designated beneficiary’s remaining life expectancy as determined in the year following the death of the
depositor.
(b) The remaining interest will be distributed by the end of the calendar year containing the fifth anniversary of the depositor’s
death.
2. The minimum amount that must be distributed each year under paragraph 1(a) above is the account value at the close of
business on December 31 of the preceding year divided by the life expectancy (in the single life table in Regulations section
1.401(a)(9)-9) of the designated beneficiary using the attained age of the beneficiary in the year following the year of the
depositor’s death and subtracting 1 from the divisor for each subsequent year.
3. If the depositor’s surviving spouse is the designated beneficiary, such spouse will then be treated as the depositor.
Article VI
1. The depositor agrees to provide the custodian with all information necessary to prepare any reports required by sections
408(i) and 408A(d)(3)(E), Regulations sections 1.408-5 and 1.408-6, or other guidance published by the Internal Revenue Service
(IRS).
Form 5305-RA (Rev. 3-2002)
Form 5305-RA (Rev. 3-2002) Page 2
2. The custodian agrees to submit to the IRS and depositor the reports prescribed by the IRS.
Article VII
Notwithstanding any other articles which may be added or incorporated, the provisions of Articles I through IV and this
sentence will be controlling. Any additional articles inconsistent with section 408A, the related regulations, and other published
guidance will be invalid.
Article VIII
This agreement will be amended as necessary to comply with the provisions of the Code, the related regulations, and other
published guidance. Other amendments may be made with the consent of the persons whose signatures appear below.
Article IX
Article IX 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.
Depositor’s signature Date
Custodian’s signature Date
Witness’ signature
(Use only if signature of the depositor or the custodian is required to be witnessed.)
Date
General Instructions
Section references are to the Internal
Revenue Code unless otherwise noted.
Purpose of Form
Form 5305-RA is a model custodial
account agreement that meets the
requirements of section 408A and has
been pre-approved by the IRS. A Roth
individual retirement account (Roth IRA)
is established after the form is fully
executed by both the individual
(depositor) and the custodian. This
account must be created in the United
States for the exclusive benefit of the
depositor and his or her beneficiaries.
Do not file Form 5305-RA with the
IRS. Instead, keep it with your records.
Unlike contributions to traditional
individual retirement arrangements,
contributions to a Roth IRA are not
deductible from the depositor’s gross
income; and distributions after 5 years
that are made when the depositor is
59
1
⁄2 years of age or older or on account
of death, disability, or the purchase of a
home by a first-time homebuyer (limited
to $10,000), are not includible in gross
income. For more information on Roth
IRAs, including the required disclosures
the custodian must give the depositor,
see Pub. 590, Individual Retirement
Arrangements (IRAs).
Definitions
IRA Conversion Contributions. IRA
Conversion Contributions are amounts
rolled over, transferred, or considered
transferred from a nonRoth IRA to a
Roth IRA. A nonRoth IRA is an individual
retirement account or annuity described
in section 408(a) or 408(b), other than a
Roth IRA.
Custodian. The custodian 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 custodian.
Depositor. The depositor is the person
who establishes the custodial account.
Specific Instructions
Article I. The depositor may be subject
to a 6% tax on excess contributions if
(1) contributions to other individual
retirement arrangements of the depositor
have been made for the same tax year,
(2) the depositor’s adjusted gross
income exceeds the applicable limits in
Article II for the tax year, or
(3) the depositor’s and spouse’s
compensation is less than the amount
contributed by or on behalf of them for
the tax year. The depositor should see
the disclosure statement or Pub. 590 for
more information.
Article V. This article describes how
distributions will be made from the Roth
IRA after the depositor’s death. Elections
made pursuant to this article should be
reviewed periodically to ensure they
correspond to the depositor’s intent.
Under paragraph 3 of Article V, the
depositor’s spouse is treated as the
owner of the Roth IRA upon the death of
the depositor, rather than as the
beneficiary. If the spouse is to be treated
as the beneficiary, and not the owner, an
overriding provision should be added to
Article IX.
Article IX. Article IX and any that follow
it may incorporate additional provisions
that are agreed to by the depositor and
custodian to complete the agreement.
They may include, for example,
definitions, investment powers, voting
rights, exculpatory provisions,
amendment and termination, removal of
the custodian, custodian’s fees, state
law requirements, beginning date of
distributions, accepting only cash,
treatment of excess contributions,
prohibited transactions with the
depositor, etc. Attach additional pages if
necessary.
Form 5305-RA (Rev. 3-2002)
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Roth Individual Retirement Custodial Account

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Completed 31 March 2020

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