IRS Wants Comments on 'Trump Account' Tax Form—What Even Is That?
Published Date: 1/5/2026
Notice
Summary
The IRS wants your thoughts on a new form called the Trump Account Election(s) that affects taxpayers who might use this special election on their taxes. They’re asking for comments by March 6, 2026, to make sure the form is clear and not too much work. This helps keep tax paperwork fair and easy, with no surprise costs or delays.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New Tax‑Advantaged Children Accounts
Section 70204 of Public Law 119-21 created "Trump Accounts," a new type of tax-advantaged savings account for children under 18. These accounts are established by making an election using the new forms listed by the IRS (Form 4547 and Form 8879-TA).
New Forms Add Paperwork Time
The IRS will use Form 4547 and Form 8879-TA to make elections to establish Trump Accounts, and estimates 85,000,000 respondents will each spend about 1 hour and 28 minutes completing the collection for a total of 64,850,000 annual burden hours. The IRS is requesting public comments on the paperwork burden by March 6, 2026.
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