Common use of Depositor's Responsibilities Clause in Contracts

Depositor's Responsibilities. Depositor acknowledges that it is his/her sole responsibility to report all contributions to or withdrawals from the Custodial Account correctly on his or her tax returns, and to keep necessary records of all the Depositor’s IRAs (including any that may be held by another custodian or trustee) for tax purposes. All forms must be acceptable to the Custodian and dated and signed by the Depositor. GENERAL INSTRUCTIONS Section references are to the Internal Revenue Code unless otherwise noted. PURPOSE OF FORM Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A. However, only Articles I through VIII have been reviewed by the IRS. A ▇▇▇▇ individual retirement account (▇▇▇▇ ▇▇▇) is established after the form is fully executed by both the individual (▇▇▇▇▇- ▇▇▇▇) and the custodian. This account must be created in the United States for the exclusive benefit of the depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to Traditional individual retirement arrangements, contributions to a ▇▇▇▇ ▇▇▇ are not deductible from the depositor’s gross income; and distributions after five years that are made when the depos- itor is 59½ years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on ▇▇▇▇ IRAs, including the required disclosures the custodian must give the depositor, see Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs), and Pub. 590-B, Distributions from Individual Retirement Arrangements (IRAs).