Get the free Form 5305-EA

Form 5305-EA Rev. March 2002 Department of the Treasury Internal Revenue Service Coverdell Education Savings Custodial Account Under section 530 of the Internal Revenue Code Name of depositor Do not file with the Internal Revenue Service Depositor s identification number Name of designated beneficiary Check if amendment Designated beneficiary s identification number Address of designated beneficiary Date of birth of designated beneficiary Name o...

How to fill out form 5305-ea

How to fill out Form 5305-EA

1. Download Form 5305-EA from the IRS website.
2. Fill in your name and address at the top of the form.
3. Provide your Social Security number (SSN) or Employer Identification Number (EIN).
4. Complete the section regarding the date of establishment for your Educational Account.
5. Indicate the amount of contributions made to the account accurately.
6. Sign and date the form at the bottom.
7. Submit the completed form to the appropriate IRS address.

Who needs Form 5305-EA?

1. Individuals who want to establish an Educational Account for saving towards higher education.
2. Account holders looking to benefit from tax advantages related to educational savings.

People Also Ask about

What type of contribution allocation must be used on IRS form 5305 SEP?

If a contribution is made, however, it must be allocated to all eligible employees ing to the SEP agreement. The Model SEP (Form 5305-SEP) specifies that the contribution for each eligible employee will be the same percentage of compensation (excluding compensation greater than $205,000*) for all employees.

What is the difference between 5305 and 5305A?

Businesses wanting more control over where SEP-IRA contributions are held may use IRS Form 5305A-SEP. Unlike Form 5305-SEP, which allows employees to choose their financial institution, Form 5305A-SEP requires all contributions to be held in a single trust or custodial account designated by the employer.

What is form 5305 A used for?

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.

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 form 5305-A for?

Traditional IRA Custodial Account Agreement. (Under section 408(a) of the Internal Revenue Code (“the Code”) – Form 5305‑A (Revised April 2017)) Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a).

For pdfFiller’s FAQs

What is Form 5305-EA?

Form 5305-EA is a simplified application used by employers to establish an Employee Arrangement by which employees can defer a portion of their salaries to a retirement plan.

Who is required to file Form 5305-EA?

Employers who wish to establish an Employee Arrangement for their employees and want to offer a salary deferral option must file Form 5305-EA.

How to fill out Form 5305-EA?

To fill out Form 5305-EA, an employer must provide information such as the employer's name, address, the number of employees participating, and the specific terms of the arrangement including the deferral amounts.

What is the purpose of Form 5305-EA?

The purpose of Form 5305-EA is to notify the IRS of the establishment of an Employee Arrangement and to outline the plan parameters for salary deferrals to the retirement plan.

What information must be reported on Form 5305-EA?

Information that must be reported on Form 5305-EA includes the employer's identifying information, the arrangement details such as the deferral percentage, and any other specifics required for compliance with IRS regulations.