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Form 5305-S online Bellevue Washington: What You Should Know
The beneficiary's name and mailing address must appear on the beneficiary statement. Be the first to know. No one covers what is happening in our community better than we do. And with a digital subscription, you'll never miss a local story. SIGN ME UP! St. Louis, MO • State Farm — St. Louis • State Farm Mutual — St. Louis • State Farm Insurance — St. Louis In order to be eligible for a tax deduction for your contribution, you must be a citizen of the United States and any of the following apply: The trust must have been established before April 17, 2013, for which tax year the contribution occurred, with any rollover after June 9, 2013, or for which the contribution occurred in the first year a direct trustee has been appointed. One trustee is required. The trustee serves in an advisory capacity to manage the trust during an individual's lifetime. The trustee's responsibilities are: Understand the trust's specific provisions to determine if there is a legal requirement for the trustee to meet. Be legally authorized to make the contribution. Meet at least one of the following: Meet the annual reporting requirement as defined in IRS Publication 550, Contributions To Individual Retirement Accounts, by the close of the trust's 10th anniversary. The trustee must submit a signed statement to be certified by the executor of the person who owns the trust, or the executor's designee, attesting to that fact. Understand that the trust is not a qualified retirement plan. Understand that an IRA can only be a qualified retirement plan if you are a non-U.S. citizen and the trustee is an American citizen. Actively manage the IRA. In the event any trust funds have been invested in a qualified plan, the trustee must retain up to 25 percent for investment of the account in the qualified plan. Otherwise, the account can be invested only in money market funds, Treasury Inflation Protected Securities, and certificates of deposit. If you invest in a qualified plan and the IRA portion of your 401k contribution is greater than the tax exclusion, you must file Form 6166 when receiving your first distribution, otherwise you have to treat your 401k contributions for all years it is in effect as income. This form must be reported as an income source. Under the law, the trust is considered to be a qualified retirement plan for this purpose only, although it is treated as a nonqualified plan with respect to any contribution that benefits from the tax exclusion.
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