IRS 5305-SA 2002 free printable template

Custodian s signature Witness signature Use only if signature of the participant or the custodian is required to be witnessed. General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-SA is a model custodial account agreement that meets the requirements of sections 408 a and 408 p and has been pre-approved by the IRS. A SIMPLE individual retirement account SIMPLE IRA is established after the form is fully executed by both the...

How to fill out IRS 5305-SA

How to fill out IRS 5305-SA

1. Obtain IRS Form 5305-SA from the IRS website or an authorized provider.
2. Fill in your personal information, including your name, address, and Social Security number.
3. Provide the name of your Health Savings Account (HSA) trustee or custodian.
4. Indicate the type of account, specifying if it is a Health Savings Account.
5. Certify that you meet the eligibility requirements by signing the form.
6. Submit the completed form to the HSA trustee or custodian to establish your HSA.

Who needs IRS 5305-SA?

1. Individuals who wish to open a Health Savings Account (HSA) and meet the eligibility requirements.
2. Taxpayers who are covered under a high-deductible health plan (HDHP) and want to save for qualified medical expenses.

Instructions and Help about IRS 5305-SA

People Also Ask about

What is the purpose of Form 5305?

Form 5305-SEP (Model SEP) is used by an employer to make an agreement to provide benefits to all eligible employees under a simplified employee pension (SEP) described in section 408(k). Do not file Form 5305-SEP with the IRS. Instead, keep it with your records.

Is an individual retirement trust the same as an IRA?

IRAs prepare you for retirement and provide tax advantages, allowing you to choose whether to make contributions tax-free (traditional) or receive your distributions tax-free (Roth). A trust is an estate planning tool that allows you to set aside funds for specific beneficiaries to receive when you pass away.

What is the difference between 5304 and 5305?

An employer should use Form 5304-SIMPLE if it allows each plan participant to select the financial institution for receiving the participant's SIMPLE IRA plan contributions. An employer should use Form 5305-SIMPLE if it will deposit all SIMPLE IRA plan contributions at an employer-designated financial institution.

What is a 5305 simple form?

∎ 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.

What is IRS Form 5305?

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.

What is a Form 5305 traditional individual retirement trust account?

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.

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What is IRS 5305-SA?

IRS 5305-SA is a form used to establish a Health Savings Account (HSA) and to provide certain disclosures to account holders.

Who is required to file IRS 5305-SA?

Individuals who wish to open a Health Savings Account (HSA) and institutions that offer HSAs are required to use IRS 5305-SA.

How to fill out IRS 5305-SA?

To fill out IRS 5305-SA, provide personal information such as the account holder's name, address, Social Security number, and details regarding the HSA provider.

What is the purpose of IRS 5305-SA?

The purpose of IRS 5305-SA is to formally create an HSA and ensure compliance with IRS regulations, as well as to inform account holders of their rights and responsibilities.

What information must be reported on IRS 5305-SA?

The information that must be reported includes the account holder's personal details, the name and address of the HSA trustee or custodian, and the terms and conditions of the account.