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. ARTICLE IV
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 functional capacity, or (3) requires substantial supervision to protect the individual from threats to health and safety due to severe cognitive impairment). Note that certain trust beneficiaries (e.g., certain trusts for disabled and chronically ill individuals) may take distribution of the entire amount remaining in your account over the remaining life expectancy of the trust beneficiary. Generally, life expectancy distributions to an eligible designated beneficiary must commence by December 31 of the year following the year of your death. However, if your spouse is the eligible designated beneficiary, distributions need not commence until December 31 of the year you would have attained age 72, if later. If your eligible designated beneficiary is your minor child, life expectancy payments must begin by December 31 of the year following the year of your death and continue until the child reaches the age of majority. Once the age of majority is reached, the beneficiary will have 10 years to deplete the account. If a beneficiary other than a person (e.g., your estate, a charity, or a certain type of trust) is named, you will be treated as having no designated beneficiary of your IRA for purposes of determining the distribution period. If you die before your required beginning date and 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. If you die on or after your required beginning date and there is no designated beneficiary of your IRA, distributions will commence using your single life expectancy, reduced by one in each subsequent year. 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. Regard- less of whether or not the spouse is the sole designated benefi- ciary 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...
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. 6. The owner of two or more Traditional IRAs may satisfy the minimum distribution requirements described above by tak- ing 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. (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. By performing services under this Agreement, we are acting as your agent. You acknowledge and agree that nothing in this Agreement shall be construed as conferring fiduciary status upon us. 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 infor- mation in any other form permitted by the Code or applicable regulations.
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. If you are an active participant, are married, and you file a sepa- rate income tax return, your MAGI phase-out range is generally $0–$10,000. However, if you lived apart for the entire tax year, you are treated as a single filer. Tax Year Joint Filers Phase-Out Range* Single Taxpayers Phase-Out Range* (minimum) (maximum) (minimum) (maximum) 2010 $89,000 – $109,000 $56,000 – $66,000 2011 $90,000 – $110,000 $56,000 – $66,000 2012 $92,000 – $112,000 $58,000 – $68,000 2013 $95,000 – $115,000 $59,000 – $69,000 2014 $96,000 – $116,000 $60,000 – $70,000 2015 $98,000 – $118,000 $61,000 – $71,000 * MAGI limits are subject to cost-of-living adjustments each year. The MAGI phase-out range for an individual that is not an active participant, but is married to an active participant, is $181,000–$191,000 for 2014 and $183,000–$193,000 for
INDIVIDUAL RETIREMENT CUSTODIAL ACCOUNT AGREEMENT. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.
