Common use of Purpose of Form Clause in Contracts

Purpose of Form. Form 5305-RA is a model custodial account agreement that meets the requirements of Code Section 408A. However, only Articles I through VIII have been reviewed by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements, and Pub. 590-B, Distributions from Individual Retirement Arrangements. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions after five years that are made when the Depositor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs).

Purpose of Form. Form 5305-RA is a model custodial account agreement that meets the requirements of Code Section 408A. However, only Articles I through VIII have been reviewed by the IRS. A Xxxx individual retirement account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements, and Pub. 590-B, Distributions from Individual Retirement Arrangements. Unlike contributions to traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions dis tributions after five years that are made when the Depositor is 59½ years of age or older or on account of death, disability, or the t he purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590-A590 -A, Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs).