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This document is a model trust account agreement for establishing a traditional individual retirement account. It outlines the terms under which the grantor creates this IRA for personal retirement
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How to fill out 5305

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How to fill out 5305

01
Obtain a copy of the Form 5305 from the IRS website or your tax professional.
02
Fill in the 'Taxpayer Identification Number' section with your Social Security number or Employer Identification Number.
03
Complete the 'Name of Applicant' section with your full name.
04
Fill in the 'Address' section with your complete mailing address.
05
Indicate the 'Date' when you are completing the form.
06
Sign and date the form at the bottom to certify that the information provided is accurate.

Who needs 5305?

01
Individuals setting up a SIMPLE IRA plan for themselves or their employees.
02
Employers looking to establish a retirement plan for their employees.
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5305 is a form used by the Internal Revenue Service (IRS) for establishing a Simplified Employee Pension (SEP) plan.
Any employer who wants to set up a SEP plan for their employees must file Form 5305.
To fill out Form 5305, employers need to provide information such as the name of the employer, the year of adoption, and any specific provisions relating to their SEP plan.
The purpose of Form 5305 is to allow employers to establish a SEP plan, which helps self-employed individuals or small business owners contribute towards their retirement savings.
Form 5305 requires the reporting of the employer's information, the year the SEP plan is adopted, and details of the plan provisions, including how contributions are made.
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