Get Irs 5305-ea 2016-2026

Filling out the IRS Form 5305-EA is an essential step in establishing a Coverdell Education Savings Account (ESA). This guide will walk you through each section of the form to assist you in completing it accurately and easily.

Follow the steps to effectively complete the IRS Form 5305-EA.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Provide the name of the depositor. This is the individual establishing the account. Ensure all provided information is accurate.
3. Indicate if this is an amendment by checking the appropriate box. It is crucial to note any changes made to previous agreements.
4. Enter the name and address of the designated beneficiary, along with their date of birth. This person will benefit from the funds within the account.
5. Input the name and address of the responsible individual, generally a parent or guardian of the designated beneficiary.
6. Specify the custodian's name and address. The custodian is typically a bank or another entity approved to hold the account.
7. State the amount of cash deposited into the custodial account, ensuring it's compliant with the contribution limits outlined in the document.
8. Review and understand the agreements outlined in Articles I through X, as these govern the operations and responsibilities of the account.
9. Provide the necessary signatures for the depositor and custodian with date. If required, ensure a witness is present for any signed agreements.
10. Once all sections are completed, review the form for accuracy. Users can save changes, download, print, or share the form as needed.

Complete your IRS 5305-EA form online today to establish your Coverdell Education Savings Account.