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Get Form 5305-c (rev. August 2004)
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How to use or fill out the Form 5305-C (Rev. August 2004) online
Filling out Form 5305-C is essential for establishing a health savings custodial account under section 223(a) of the Internal Revenue Code. This guide provides clear, step-by-step instructions for completing the form online, ensuring a smooth and efficient process.
Follow the steps to complete Form 5305-C online.
- Click the ‘Get Form’ button to access and open the form in the online editor.
- Enter the name of the account owner in the designated field. This should be the individual who will be establishing the health savings account.
- Fill in the date of birth of the account owner. Ensure the format follows the required date conventions.
- Provide the identifying number, which is typically the account owner's social security number.
- Input the full address of the account owner, including street address, city, state, and zip code.
- Specify the name of the custodian managing the health savings account.
- Include the address or principal place of business of the custodian.
- State the amount of cash assigned to the custodial account, ensuring clarity in dollar amounts.
- Review the articles outlining contributions, eligibility, and distribution terms. This section is crucial for understanding your responsibilities.
- Both the account owner and the custodian must sign and date the form at the designated signature fields.
- After completing the form, save any changes made, and choose to download, print, or share the form as needed.
Complete your Form 5305-C online today to establish your health savings account efficiently.
If a contribution is made, however, it must be allocated to all eligible employees ing to the SEP agreement. The Model SEP (Form 5305-SEP) specifies that the contribution for each eligible employee will be the same percentage of compensation (excluding compensation greater than $205,000*) for all employees.
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