Form 5305-B Health Savings Trust Account (Under section 223(a) of the Internal Revenue Code) Date of birth of account owner (Rev. October 2016) Department of the Treasury Internal Revenue Service Do not file with the Internal Revenue Service Name of account owner (grantor) Address of account owner (Street address, city, state, ZIP code) Name of trustee Address or principal place of business of trustee The account owner named above is establishing this health savings account (HSA) exclusively for the purpose of paying or reimbursing qualified medical expenses of the account owner, his or her spouse, and dependents. The account owner represents that, unless this account is used solely to make rollover contributions, he or she is eligible to contribute to this HSA; specifically, that he or she: (1) is covered under a high deductible health plan (HDHP); (2) is not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage); (3) is not enrolled in Medicare; and (4) cannot be claimed as a dependent on another person's tax return. $ dollars in cash is assigned to this trust account. The account owner and the trustee make the following agreement: Article I 1. The trustee will accept additional cash contributions for the tax year made by the account owner or on behalf of the account owner (by an employer, family member, or any other person). No contributions will be accepted by the trustee for any account owner that exceeds the maximum amount for family coverage plus the catch-up contribution. 2. Contributions for any tax year may be made at any time before the deadline for filing the account owner's federal income tax return for that year (without extensions). 3. Rollover contributions from an HSA or an Archer Medical Savings Account (Archer MSA) (unless prohibited under this agreement) need not be in cash and are not subject to the maximum annual contribution limit set forth in Article II. 4. Qualified HSA distributions from a health flexible spending arrangement or health reimbursement arrangement must be completed in a trusteeto-trustee transfer and are not subject to the maximum annual contribution limit set forth in Article II. 5. Qualified HSA funding distributions from an individual retirement account must be completed in a trustee-to-trustee transfer and are subject to the maximum annual contribution limit set forth in Article II. Article II 1. For calendar year 2011, the maximum annual contribution limit for an account owner with single coverage is $3,050. This amount increases to $3,100 in 2012. For calendar year 2011, the maximum annual contribution limit for an account owner with family coverage is $6,150. This amount increases to $6,250 in 2012. These limits are subject to cost-of-living adjustments after 2012. 2. Contributions to Archer MSAs or other HSAs count toward the maximum annual contribution limit to this HSA. 3. For calendar year 2009 and later years, an additional $1,000 catch-up contribution may be made for an account owner who is at least age 55 or older and not enrolled in Medicare. 4. Contributions in excess of the maximum annual contribution limit are subject to an excise tax. However, the catch-up contributions are not subject to an excise tax. Article III It is the responsibility of the account owner to determine whether contributions to this HSA have exceeded the maximum annual contribution limit described in Article II. If contributions to this HSA exceed the maximum annual contribution limit, the account owner shall notify the trustee that there exist excess contributions to the HSA. It is the responsibility of the account owner to request the withdrawal of the excess contribution and any net income attributable to such excess contribution. Article IV The account owner's interest in the balance in this trust account is nonforfeitable. Article V 1. No part of the trust funds in this account may be invested in life insurance contracts or in collectibles as defined in section 408(m). 2. The assets of this account may not be commingled with other property except in a common trust fund or common investment fund. 3. Neither the account owner nor the trustee will engage in any prohibited transaction with respect to this account (such as borrowing or pledging the account or engaging in any other prohibited transaction as defined in section 4975). Article VI 1. Distributions of funds from this HSA may be made upon the direction of the account owner. 2. Distributions from this HSA that are used exclusively to pay or reimburse qualified medical expenses of the account owner, his or her spouse, or dependents are tax-free. However, distributions that are not used for qualified medical expenses are included in the account owner's gross income and are subject to an additional 20 percent tax on that amount. The additional 20 percent tax does not apply if the distribution is made after the account owner's death, disability, or reaching age 65. 3. The trustee is not required to determine whether the distribution is for the payment or reimbursement of qualified medical expenses. Only the account owner is responsible for substantiating that the distribution is for qualified medical expenses and must maintain records sufficient to show, if required, that the distribution is tax-free. Cat. No. 38260U Form 5305-B (Rev. 10-2016) American LegalNet, Inc. www.FormsWorkFlow.com Form 5305-B (Rev. 10-2016) Page 2 Article VII If the account owner dies before the entire interest in the account is distributed, the entire account will be disposed of as follows: 1. If the beneficiary is the account owner's spouse, the HSA will become the spouse's HSA as of the date of death. 2. If the beneficiary is not the account owner's spouse, the HSA will cease to be an HSA as of the date of death. If the beneficiary is the account owner's estate, the fair market value of the account as of the date of death is taxable on the account owner's final return. For other beneficiaries, the fair market value of the account is taxable to that person in the tax year that includes such date. Article VIII 1. The account owner agrees to provide the trustee with information necessary for the trustee to prepare any report or return required by the IRS. 2. The trustee agrees to prepare and submit any report or return as prescribed by the IRS. Article IX Notwithstanding any other article that
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