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Form 5305 is a model trust account agreement that meets the requirements of section 408(a) and has been pre-approved by the IRS. It establishes a traditional individual retirement account (IRA) for
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Begin with your personal information, including your name, address, and Social Security number.
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Indicate the type of form you are filling out. Ensure you select the correct option.
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Complete the sections related to financial information, providing details about your income and assets.
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Who needs 5305?

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Individuals seeking student loans or financial aid for higher education.
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5305 refers to IRS Form 5305, which is a document used to establish a simplified employee pension (SEP) plan.
Employers who want to set up a SEP plan for their eligible employees are required to file Form 5305.
To fill out Form 5305, employers must provide their business information, specify the eligibility criteria for employees, and include the terms of the SEP plan.
The purpose of Form 5305 is to provide a written plan document to establish a SEP IRA and to define the contributions made to the plan.
The information that must be reported on Form 5305 includes the employer's name and address, the eligibility requirements for employee participation, and the contribution limits.
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