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Rancho Cucamonga California Form 5305-S: What You Should Know

PURPOSE OF FORM 5305-S. The purpose of Forms 5305 are as follows: to: (1). To provide guidance on the forms to use when creating a simplified individual retirement account. (2). To help taxpayers understand how various forms will apply to create the Simplified Individual Retirement Accounts of the taxpayer, including tax consequences of the tax consequences. (3). To assist taxpayers to understand the forms for creating a simplified individual retirement account. (4). To assist the taxpayers, and their account representatives, in determining the proper form to use when creating an individual retirement account. (5). To enable the IRS to administer a complex individual retirement accounts. (6). To provide the taxpayers with an understanding of the tax consequences of the creation of the simplified individual retirement account.

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