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Santa Maria California Form 5305-A-SEP: What You Should Know
A custodial account is established by an IRA on behalf of an individual and is known as the account established for the benefit of the individual Form 5308 is used by the IRA Owner to establish a custodial account established by a custodian. This form is only for an IRA with respect to an eligible individual, and not a SEP with respect to the IRA Owner's Plan or IRA. If an IRA Owner would like his or her SEP account to become part of a custodial account established for the benefit of the individual, he or she can use Form 5305‑SEP instead of Form 5308.
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