INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. Form 5305-A under Section 408(a) of the Internal Revenue Code FORM (Rev. April 2017) The depositor named is establishing a Traditional individual retirement account under Section 408(a) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named has given the depositor the disclosure state- ment required by Regulations Section 1.408-6. The depositor has assigned the custodial account the sum indi- cated on the application. The depositor and the custodian make the following agreement:
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. SPECIFIC INSTRUCTIONS
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. If your spouse is age 50 or older by the close of the taxable year, and is otherwise eligible, you may make an additional contribution to your spouse’s IRA. The maximum additional contribution is $1,000 per year.
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. (a) If the depositor dies on or after the required beginning date and:
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT previous ones. The consent of a successor beneficiary(ies) shall not be required for the original IRA beneficiary(ies) to revoke a successor beneficiary(ies) designation. If the original IRA beneficiary(ies) does not designate a succes- sor beneficiary(ies), his or her estate will be the successor beneficiary. In no event shall the successor beneficiary(ies) be able to extend the distribution period beyond that required for the original IRA beneficiary. Minor Named as Beneficiary – If upon the death of the original account owner, a Beneficiary known by the Custodian (Xxxxxx, Xxxxxxxx & Company, Incorporated) to be a minor or otherwise under a legal disability is entitled to receive any or all of the undistributed assets of the account, the Custodian may, in its absolute discretion make all or any part of the distribution to 1) the Legal Guardian, Conservator, or other legal representative as authorized and appointed by the court under the minor benefi- ciary’s applicable state law or 2) a custodian appointed for such Beneficiary, by the original account holder, under the Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) or similar act. The designated Custodian under UGMA or UTMA must be in writing and filed with Xxxxxx, Xxxxxxxx & Company, Incorporated prior to the death of the original account holder. The minor shall be deemed to be a minor until such Benefi- ciary reaches 1) the age of majority under the law of the state of the minor’s domicile or 2) a later age for termination of minor status, if state law allows, but in no event later than age 25, as designated by the Investor in the Beneficiary designa- tion accepted by the Custodian. Minors are not legally able to sign contracts, including account agreements to open an Inherited Beneficiary IRA account. If you fail to name an UTMA custodian, then a Legal Guard- xxx, Conservator, or other legal representative will have to be appointed by the appropriate court. The appropriate court- appointed representative would then have the right to act as the guardian/custodian for the minor and open the Inherited Beneficiary IRA. Please seek competent legal advice before making such a designation. Per Stirpes – Certain accounts (e.g., Individual Retirement Accounts & Transfer-On-Death accounts) permit the account owner to designate beneficiaries to receive the account following the death of the owner. On accounts that permit beneficiary designation, a check box appears on the benefi- ciar...
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. (b) Be distributed over the remaining life expectancy of your designated beneficiaries. If your spouse is your sole designated beneficiary, he or she must elect either option (a) or (b) by the earlier of December 31 of the year containing the fifth anniversary of your death, or December 31 of the year life expectancy payments would be required to begin. Your designated beneficiaries, other than a spouse who is the sole designated beneficiary, must elect either option (a) or (b) by December 31 of the year following the year of your death. If no election is made, distribution will be calculated in accordance with option (b). In the case of distributions under option (b), distributions must commence by December 31 of the year following the year of your death. Generally, if your spouse is the designated beneficiary, distribu- tions need not commence until December 31 of the year you would have attained age 70½, if later. If a beneficiary other than a person or qualified trust as defined in the Treasury Regulations is named, you will be treated as having no desig- nated beneficiary of your IRA for purposes of determining the distribution period. If there is no designated beneficiary of your IRA, the entire IRA must be distributed by December 31 of the year containing the fifth anniversary of your death. A spouse who is the sole designated beneficiary of your entire IRA will be deemed to elect to treat your IRA as his or her own by either (1) making contributions to your IRA or (2) failing to timely remove a required minimum distribution from your IRA. Regardless of whether or not the spouse is the sole designated beneficiary of your IRA, a spouse beneficiary may roll over his or her share of the assets to his or her own IRA. If we so choose, for any reason (e.g., due to limitations of our charter or bylaws), we may require that a beneficiary of a deceased IRA owner take total distribution of all IRA assets by December 31 of the year following the year of death. If your beneficiary fails to remove a required minimum distribu- tion after your death, an additional penalty tax of 50 percent is imposed on the amount of the required minimum distribution that should have been taken but was not. Your beneficiary must file IRS Form 5329 along with his or her income tax return to report and remit any additional taxes to the IRS.
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. 6. The owner of two or more Traditional IRAs may satisfy the mini- mum distribution requirements described above by taking from one Traditional IRA the amount required to satisfy the requirement for another in accordance with the regulations under Section 408(a)(6).
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT tions or failures to act by your authorized agent. You will have sixty (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 shall be deemed correct and accurate, and we shall 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. We shall not be required to perform any ad- ditional 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 re- spect to 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.
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. We may establish a policy requiring distribution of the entire balance of your IRA to you in cash or property if the balance of your IRA drops below the minimum balance required under the applicable investment or policy established.
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT turn of the contribution you made to your IRA. The amount returned to you would not include an adjustment for such items as sales commissions, administrative expenses, or fluctuation in market value. You may make this revocation only by mailing or delivering a written notice to the custodian at the address listed on the application. If you send your notice by first class mail, your revocation will be deemed mailed as of the postmark date. If you have any questions about the procedure for revoking your IRA, please call the custodian at the telephone number listed on the application. REQUIREMENTS OF AN XXX
