Form 5305, Traditional Individual Retirement Trust Account
Form 5305 is the IRS model trust agreement for opening a traditional IRA with a bank or other qualified trustee. Fill in the official PDF below and download it for your records.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 5305?
Form 5305 is not a tax return. It is a model agreement, pre-approved by the IRS, that an individual (the grantor) and a trustee sign to establish a traditional individual retirement trust account. Using the model language means the account automatically meets the requirements of section 408(a) without the trustee needing its own IRS approval.
The articles printed on the form set out the legal rules of the IRA: contribution limits, no forfeiture, required minimum distributions, and reporting duties. The trustee and the account owner each keep a signed copy. Nothing is sent to the IRS.
Who files 5305?
- Individuals opening a traditional IRA held as a trust account with a bank or trust company
- Trustees documenting new traditional IRAs with IRS model language
- Savers rolling over or transferring retirement money into a newly established traditional IRA trust
- Anyone who wants the IRS-approved terms rather than a custom drafted trust document
How to fill out 5305
- Enter the grantor’s name, address, Social Security number, and date of birth at the top of the form.
- Enter the trustee’s name and address, and check the boxes that describe the setup, such as a transfer IRA or an amendment of an existing account.
- Read the articles, which state the IRA rules, and complete any blanks in Article VIII if the trustee adds provisions.
- Download the PDF and have both the grantor and the trustee sign and date it.
- Keep the signed agreement with the account records. Do not mail it to the IRS.
Quick fill 5305 on this page
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Frequently asked questions
Do I file Form 5305 with the IRS?
No. It is an account-opening agreement between you and the trustee. Both parties keep copies, and the IRS never receives it. Your IRA activity reaches the IRS through Forms 5498 and 1099-R filed by the trustee.
What is the difference between Form 5305 and Form 5305-A?
Form 5305 creates a trust account, used when the institution acts as trustee. Form 5305-A creates a custodial account, the more common arrangement at banks and brokerages. The tax treatment of the IRA is the same either way.
Does signing Form 5305 mean my contributions are deductible?
No. The form only establishes the account. Whether your traditional IRA contributions are deductible depends on your income, filing status, and workplace plan coverage, figured when you file your tax return.