IRS 5305-SA 2016 free printable template
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Form5305SA(Rev. October 2016)
Department of the Treasury
Internal Revenue ServiceSIMPLE Individual Retirement Custodial Account
(Under section 408(p) of the Internal Revenue Code)Name of participant
Address
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How to fill out IRS 5305-SA
How to fill out IRS 5305-SA
01
Start with your personal information at the top of the form, including your name and Social Security number.
02
If applicable, fill in your spouse's name and Social Security number.
03
Indicate the year for which you are completing the form.
04
Provide details about your Health Savings Account (HSA), including the name of the trustee or custodian and the account number.
05
Make sure to check the box if you or your spouse is covered by a High Deductible Health Plan (HDHP).
06
Sign and date the form to certify that the information is correct.
07
Keep a copy for your records and submit the form to your HSA trustee or custodian.
Who needs IRS 5305-SA?
01
Individuals who are eligible to establish a Health Savings Account (HSA) and want to inform their HSA trustee or custodian about their eligibility.
02
Those who are covered by a High Deductible Health Plan (HDHP) and wish to take advantage of tax benefits associated with HSAs.
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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 that establishes a Health Savings Account (HSA) for an individual. It is an Earnings Claim Agreement that outlines the terms under which a financial institution will administer the HSA.
Who is required to file IRS 5305-SA?
Individuals who wish to set up a Health Savings Account (HSA) must file IRS 5305-SA with a qualified financial institution, which will then hold the funds and manage the account.
How to fill out IRS 5305-SA?
To fill out IRS 5305-SA, individuals need to provide their personal information, including name, address, and Social Security number, choose a trustee to administer the account, and sign the form to agree to the terms.
What is the purpose of IRS 5305-SA?
The purpose of IRS 5305-SA is to document the establishment of a Health Savings Account, allowing for tax-free contributions and withdrawals for qualified medical expenses.
What information must be reported on IRS 5305-SA?
The IRS 5305-SA requires reporting of the account holder's name, address, date of birth, Social Security number, the name of the financial institution, and the signature of the accountholder.
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