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Form 5305-C (Rev December 2011) - United Methodist Credit Union

Form 5305-C (Rev December 2011) - United Methodist Credit Union-2025

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The document is Form 5305-C, a model custodial account agreement approved by the IRS for establishing a Health Savings Account (HSA). It outlines the eligibility requirements for account owners, contribution limits, tax implications, and responsibilities of both the account owner and custodian. The form emphasizes that HSAs are intended solely for paying qualified medical expenses and provides guidelines on contributions, distributions, and handling excess contributions. It also includes provisions regarding the treatment of the account upon the owner's death.

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What is the difference between SIMPLE IRA 5304 and 5305?

If you max out your SEP IRA, you can reduce your taxable income for the year by $69,000 for 2024 and $70,000 for 2025. A SEP IRA does not have a Roth option. You can only contribute to the plan with pre-tax dollars, the same way you would contribute in pre-tax dollars to a Traditional IRA or a 401k.

What is form 5305 A used for?

Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse. Article IV.

What does a HSA custodian do?

An HSA custodian or administrator holds HSA assets in a secure HSA account. In some instances, the account holder may direct how to invest the funds and may withdraw them for qualified medical expenses.

How much will a SEP IRA reduce my taxes?

If a contribution is made, however, it must be allocated to all eligible employees ing to the SEP agreement. The Model SEP (Form 5305-SEP) specifies that the contribution for each eligible employee will be the same percentage of compensation (excluding compensation greater than $205,000*) for all employees.

What is Form 5305 used for?

Purpose of Form Form 5305-SEP (Model SEP) is used by an employer to make an agreement to provide benefits to all eligible employees under a simplified employee pension (SEP) described in section 408(k).

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