5305-S

SIMPLE Individual Retirement Trust Account

Agency
IRS
Revision
Rev. April 2017
Fillable fields
9
Pages
2
Official source
IRS form page
Checked
October 21, 2026
Fill 5305-S online
Page 1 of form 5305-S

Form 5305-S: SIMPLE Individual Retirement Trust Account

Form 5305-S is a model trust account agreement that, in the words of its instructions, meets the requirements of sections 408(a) and 408(p) of the Internal Revenue Code. It sets up a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA). The instructions say the SIMPLE IRA is established after the form is fully executed by both the individual, called the participant, and the trustee.

Under Article I, the trustee accepts cash contributions made on behalf of the participant by the participant's employer under a SIMPLE IRA plan described in section 408(p), plus certain transfers and rollovers. The form says no other contributions will be accepted. Only Articles I through VII have been reviewed by the IRS, and Article VIII holds additional provisions.

The form is not filed with the IRS. It says "Do not file Form 5305-S with the IRS. Instead, keep it with your records." This is the April 2017 revision. You can fill it out free in your browser on this page and download the result without an account.

What's on Form 5305-S

Header

The participant's name, date of birth and address, the account number, a box to check if this is a transfer SIMPLE IRA, a box to check if this is an amendment, and the trustee's name and address.

Article I: contributions

Employer cash contributions under a SIMPLE IRA plan, transfers or rollovers from other SIMPLE IRAs, and, after the 2-year period of participation in section 72(t)(6), from any eligible retirement plan other than a Roth IRA or a designated Roth account.

Articles II and III: the account

Article II says the participant's interest is nonforfeitable. Article III bars investing in life insurance contracts and in collectibles, except certain gold, silver and platinum coins, coins issued under state law and certain bullion.

Article IV: distributions

When distributions have to start, the choice of a single sum or payments over life expectancy, what happens after the participant's death, and how the required minimum distribution is figured.

Article V: reports

The participant provides the information the trustee needs for its reports. The trustee submits the reports prescribed by the IRS to the IRS and the participant, and gives the employer the summary description.

Articles VI to VIII and signatures

Controlling provisions, amendments and open space for additional provisions, then signature lines for the participant, the trustee and, only if a signature has to be witnessed, a witness.

How to fill out Form 5305-S

  1. 1

    Participant details

    Enter the participant's name, date of birth and address, and the account number at the top of page 1.

  2. 2

    Check boxes

    Check the transfer SIMPLE IRA box if the account is not the original recipient of contributions under any SIMPLE IRA plan. Check the amendment box only when this form amends an existing agreement.

  3. 3

    Trustee details

    Enter the trustee's name and address or principal place of business.

  4. 4

    Review Article IV

    The instructions say distributions under this article may be made in a single sum, periodic payment, or a combination of both, and that the option should be reviewed in the year the participant reaches age 70½.

  5. 5

    Article VIII

    Add any agreed provisions, such as definitions, investment powers, voting rights, the trustee's fees or state law requirements, and attach pages if needed. If none, draw a line through the space.

  6. 6

    Sign and date

    The participant and the trustee sign and date page 2. Someone signing for the participant notes their relationship. The witness line is used only if a signature is required to be witnessed.

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Where it goes and what it covers

Where it goes

Nowhere. The form says "Do not file Form 5305-S with the IRS. Instead, keep it with your records."

Summary description

The trustee gives the employer the summary description in section 408(l)(2). The instructions say this requirement does not apply to a transfer SIMPLE IRA.

Rollovers from other plans

Article I accepts transfers or rollovers from eligible retirement plans other than SIMPLE IRAs only after the 2-year period of participation defined in section 72(t)(6), and not from a Roth IRA or a designated Roth account.

Required beginning date

In this revision, Article IV puts the required beginning date at April 1 following the calendar year in which the participant reaches age 70½.

Added provisions

Provisions added in Article VIII have to comply with state law and the Internal Revenue Code, and the form says they may not imply that the IRS reviewed or pre-approved them.

More information

The instructions point to Pub. 590-A, Pub. 590-B and Pub. 560 for more on SIMPLE IRAs, including the disclosures the trustee gives the participant.

Related forms

Who completes Form 5305-S?

  • Participants

    The instructions define the participant as the person who establishes the trust account. If an individual other than the participant signs for the participant, the form asks for that individual's relationship to the participant.

  • Trustees

    The instructions say the trustee is a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as trustee.

  • Employers

    Contributions come from the participant's employer under a SIMPLE IRA plan. Under Article V, the trustee agrees to give the employer the summary description in section 408(l)(2), unless this is a transfer SIMPLE IRA.

  • Transfer SIMPLE IRA holders

    The instructions say a SIMPLE IRA is a "transfer SIMPLE IRA" if it is not the original recipient of contributions under any SIMPLE IRA plan. A box at the top of the form marks it.

  • Beneficiaries

    Article IV sets how the remaining interest is distributed after the participant's death to a surviving spouse, to another designated beneficiary, or when there is no designated beneficiary.

The form is an agreement between the employee opening the SIMPLE IRA and the trustee that holds it. The employer funds the account under its SIMPLE IRA plan. Nobody sends the form to the IRS.

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Questions about Form 5305-S

Do I send Form 5305-S to the IRS?

No. The form says "Do not file Form 5305-S with the IRS. Instead, keep it with your records."

Who puts money into the account?

Article I says the trustee accepts cash contributions made on behalf of the participant by the participant's employer under a SIMPLE IRA plan, plus certain transfers and rollovers. No other contributions are accepted.

What is a transfer SIMPLE IRA?

The instructions say it is a SIMPLE IRA that is not the original recipient of contributions under any SIMPLE IRA plan. The summary description requirements of section 408(l)(2) do not apply to it.

Which parts did the IRS review?

The instructions say only Articles I through VII have been reviewed by the IRS. Article VIII holds any additional provisions.

Can someone else sign for the participant?

The signature line says that if an individual other than the participant signs the form for the participant, that individual's relationship to the participant is indicated.

What can the account not invest in?

Article III says no part of the funds may be invested in life insurance contracts or in collectibles, apart from the exception in section 408(m)(3) for certain coins and bullion.