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KS online Form 5305-S: What You Should Know

Pub. 949. The Custodian must give a Form 5305-RA to the Depositor at the appropriate time. Form 5305(B) Roth IRA Conversion To Traditional The Custodian, or agent if a trustee, must convert such a Traditional IRA into a Roth IRA. The Conversion Schedule should be filed with the Distributions from a Roth IRA in accordance with the procedures of the rules of the plan in effect at the time of the conversion. The plan should be reviewed, and any appropriate modifications made, to correct any errors that can be corrected by Form 5305-RA. For further information, see Section 5.09(d)(4)(ii) of the IRM. If the plan is modified after the conversion, a copy of the amended plan document or plan amendment must be provided for the benefit of the Depositor and must be included in any subsequent statement or Notice. The Custodian has a duty to provide the Depositor with timely notice and an explanation of any errors in the information provided on the Form 5305-RA. Section 25.5(a)(2) of the Form 5305-RA provides the information to be included in the notice, and provides that the notice will only be issued for an error that is corrected by any method (e.g., notice through the plan administrator or an amendment to reflect amended information). Section 25.5(c)(2) provides that an additional copy of the form or the amendment must be sent to the Depositor within 15 days after the last return is mailed pursuant to 5.09(a)(2)(iii) (and for all other cases listed in Appendix A). Section 25.5(c)(3) provides that a notice, with appropriate explanation, is sufficient if furnished to the Depositor. The following examples illustrate the principles set forth in the Form 5305-RA. The custodian must provide the Depositor with either the current statement or the notice provided in § 25.5(c)(5)(iii). If the custodian provides a notice, it must clearly indicate that the notice is an explanation of the error that appears in the Form 5305-RA. If the custodian does not provide a notice or a statement, notice should be provided to the Depositor with the applicable notice.

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