XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Form 5305-RA under section 408A of the Internal Revenue Code. FORM (Rev. April 2017) The depositor named on the application is establishing a Xxxx individual retirement account (Xxxx XXX) under section 408A to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named on the application has given the depositor the disclosure statement required by Regulations section 1.408-6. The depositor has assigned the custodial account the sum indicated on the application. The depositor and the custodian make the following agreement:
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. GENERAL INSTRUCTIONS Section references are to the Internal Revenue Code unless other- wise noted. PURPOSE OF FORM 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 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. Unlike contributions to Traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the depositor’s gross income; and distributions after 5 years that are made when the deposi- tor 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, Individual Retirement Arrangements (IRAs).
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT your directions to us or your actions or failures to act, and you agree to reimburse us for any loss we may incur as a result of such directions, actions, or failures to act. We will not be responsible for any penalties, taxes, judgments, or expenses you incur in connection with your Xxxx XXX. We have no duty to determine whether your contributions or distributions comply with the Code, regulations, rulings, or this agreement. We may permit you to appoint, through written notice accept- able to us, an authorized agent to act on your behalf with respect to this agreement (e.g., attorney-in-fact, executor, administrator, investment manager), but we have no duty to determine the validity of such appointment or any instrument appointing such authorized agent. We will not be responsible for losses of any kind that may result from directions, actions, or failures to act by your authorized agent, and you agree to reimburse us for any loss we may incur as a result of such directions, actions, or failures to act by your authorized agent. You will have 60 days after you receive any documents, statements, or other information from us to notify us in writing of any errors or inaccuracies reflected in these documents, statements, or other information. If you do not notify us within 60 days, the documents, statements, or other information will be deemed correct and accurate, and we will have no further liability or obligation for such documents, statements, other information, or the transactions described therein. By performing services under this agreement, we are acting as your agent. You acknowledge and agree that nothing in this agreement will be construed as conferring fiduciary status upon us. We will not be required to perform any additional services unless specifically agreed to under the terms and conditions of this agreement, or as required under the Code and the regulations promulgated thereunder with respect to Xxxx IRAs. You agree to indemnify and hold us harmless for any and all claims, actions, proceedings, damages, judg- ments, liabilities, costs, and expenses, including attorney’s fees arising from or in connection with this agreement. To the extent written instructions or notices are required under this agreement, we may accept or provide such information in any other form permitted by the Code or applicable regulations including, but not limited to, electronic communication.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT ciaries unless and until Stifel has been instructed by the deceased account owner’s court-appointed personal representative (e.g., executor, administrator) regarding the persons entitled to receive per stirpes distribution and their respective shares. The account owner agrees, on behalf of himself or herself personally and the ac- count owner’s Estate, heirs, executors, administrators, successors, and assigns, to release, indemnify, defend, and hold harmless Stifel, and its parent, subsidiaries, and affiliates and their respective past and present officers, directors, shareholders, employees, agents, affiliates, successors, and assigns, against and from any and all claims or liabilities, taxes, damages, or expenses (including without limitation judgments, amounts paid in settlement, and/or attorney’s fees), of any kind or of any nature whatsoever, that may arise from, or relate to, Xxxxxx’x reliance on information provided by the account owner’s said personal representative.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. The custodian named on the application has given the depositor the disclosure statement required by Regulations Section 1.408-6. The depositor has assigned the custodial account the sum indicated on the application. The depositor and the custodian make the following agreement:
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT arrangements of the depositor have been made for the same tax year, (2) the depositor’s adjusted gross income exceeds the ap- plicable limits in Article II for the tax year, or (3) the depositor’s and spouse’s compensation is less than the amount contributed by or on behalf of them for the tax year. The depositor should see the disclosure statement or Pub. 590 for more information.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT bullion (as described in IRC Sec. 408(m)(3)) are also permitted as Xxxx XXX investments.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT the excess contribution was made. An excess withdrawn un- der this method is not taxable to you, but you must include the earnings attributable to the excess in your taxable income in the year in which the contribution was made. The six percent excess contribution penalty tax will be avoided.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. You must file IRS Form 5329 along with your income tax return to the IRS to report and remit any additional taxes or to claim a penalty tax exception.
XXXX INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT be eligible to take a one-time tax-free qualified HSA funding distribution from your Xxxx XXX and directly deposit it to your HSA. The amount of the qualified HSA funding distribution may not exceed the maximum HSA contribution limit in effect for the type of high deductible health plan coverage (i.e., single or family coverage) that you have at the time of the deposit, and counts toward your HSA contribution limit for that year. For further detailed information, you may wish to obtain IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.
