IRS Updates Form 5306 for Prototype IRAs

November 3, 2006 – The IRS has issued an October 2006 version of Form 5306, Application for Approval of Prototype or Employer Sponsored Individual Retirement Arrangement (IRA). This form is used by drafters of prototype IRA documents who wish to receive IRS approval of their Traditional, Roth, or SIMPLE IRA prototype documents. It may also be used by employers or employee associations to obtain IRS approval of their employer or employee association IRA plans. Form 5306 may be accessed as follows.