Get the free Form 5305-SA (Rev. 03-2002). SIMPLE Individual Retirement Custodial Account - irs

Form 5305-SA (Rev. March 2002) Department of the Treasury Internal Revenue Service SIMPLE Individual Retirement Custodial Account Do not file with the Internal Revenue Service (Under section 408(p)

How to fill out form 5305-sa rev 03-2002

How to fill out form 5305-sa rev 03-2002:

1. Start by reading the instructions provided with the form. This will give you a clear understanding of how to accurately complete the form.
2. Begin filling out the basic information section, which includes your name, address, and Social Security number. Make sure to double-check the information for accuracy.
3. Move on to the sections that require you to designate a trustee and beneficiary for the savings account. Provide their names and addresses as requested on the form.
4. If you have any additional beneficiaries, list their names and addresses in the appropriate section.
5. In the next section, indicate whether you are establishing a new account or rolling over funds from an existing account. Provide the necessary details accordingly.
6. If you are making any additional contributions to the account, specify the amount in the provided space.
7. Proceed to the tax information section, where you will need to choose the type of tax treatment for the account. Select either traditional IRA or Roth IRA based on your preferences and eligibility.
8. If you are designating a financial institution to hold the account, provide their information in the following section. This includes their name, address, and account number.
9. Review the completed form thoroughly to ensure all information is accurate and legible.
10. Sign and date the form in the designated area to certify its authenticity and completeness.

Who needs form 5305-sa rev 03-2002:

1. Individuals who wish to establish a Savings Incentive Match Plan for Employees (SIMPLE) IRA account may need to fill out form 5305-sa rev 03-2002.
2. Employers who want to offer a SIMPLE IRA plan to their employees will also require this form for proper documentation.
3. Financial institutions serving as trustees for SIMPLE IRA accounts may need the completed form from individuals or employers as part of the account setup process.

For pdfFiller’s FAQs

What is form 5305-sa rev 03?

Form 5305-SA Rev. 03 is an agreement between an individual and an insurance company in regards to establishing a Health Savings Account.

Who is required to file form 5305-sa rev 03?

Contributors or individuals looking to open a Health Savings Account are required to file form 5305-SA Rev. 03.

How to fill out form 5305-sa rev 03?

Form 5305-SA Rev. 03 requires information about the individual opening the HSA, beneficiary designation, contribution limits, and agreement terms with the insurance company.

What is the purpose of form 5305-sa rev 03?

The purpose of form 5305-SA Rev. 03 is to establish an agreement for the establishment of a Health Savings Account between an individual and an insurance company.

What information must be reported on form 5305-sa rev 03?

Form 5305-SA Rev. 03 requires information about the individual opening the HSA, beneficiary designation, contribution limits, and agreement terms with the insurance company.

When is the deadline to file form 5305-sa rev 03 in 2023?

The deadline to file form 5305-SA Rev. 03 in 2023 is typically April 15th, unless it falls on a holiday or weekend, in which case it would be extended.

What is the penalty for the late filing of form 5305-sa rev 03?

The penalty for late filing of form 5305-SA Rev. 03 can vary but typically involves a monetary fine or disqualification of HSA tax benefits.

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