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Form 5305-S for Kansas City Missouri: What You Should Know

For the calendar year, the amount of contributions that are contributed before any distributions are made to the IRA account for an annuity payable to the nonworking spouse are taxable, if they exceed  the maximum annual IRA contribution. For additional guidance, see IRA contributions for a nonworking spouse. Form 5305-B Traditional IRA for Working Spouse — Form 5305-B may be used to establish the IRA custodial account for a working spouse. Contributions to an IRA are taxable if they exceed the maximum annual IRA contribution that is allowed for the calendar year. For  information, see IRA contributions for a working spouse. Form 5305-F Traditional Tax-Free Savings Plan The amount of contributions of the account is subject to the IRS maximum contribution limit of 5,500 that may be made in the calendar year. In the case of a joint account, the contribution limit is 11,500. The maximum annual contributions for 2024 are 17,500. Form 5305-S Individual Retirement Account (IRA) — The amount of contributions to the account is subject to the IRS contribution limit of  6,500 for the calendar year. Form 5305-S may be used for a Traditional IRA account  that exceeds the IRS contribution limits, for a nonworking spouse.

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