IRS Seeks Input on Tracking Trump Account Contributions Weirdly
Published Date: 4/28/2026
Notice
Summary
The IRS wants your thoughts on collecting info about IRA and Trump account contributions to make sure the process is clear and not too much work. If you’re involved with these accounts, your feedback can help shape how the IRS gathers this info. Send your comments by June 29, 2026, so the IRS can keep things fair and efficient without extra costs or hassle.
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New Form 5498-TA for Trump Accounts
The IRS created a new Form 5498-TA to comply with Public Law 119-21, Sec.70204 and IRC section 530A(i). Trustees of "Trump accounts" must furnish Form 5498-TA reporting contributions, rollovers, basis or investment in the contract, and the fair market value (FMV) for the calendar year.
Overall Increased Paperwork Burden for Businesses
The IRS estimates total responses of 186,568,500 and total annual burden hours of 65,693,085 across Forms 5498 and 5498-TA. The notice states burden has increased because of the addition of the new Form 5498-TA.
IRS Use of Form 5498 to Verify IRA Deductions
Form 5498 is used by trustees and issuers to report IRA contributions and the account's fair market value. The IRS will use the information on Form 5498 to verify compliance with reporting rules and to confirm that a participant made the contribution that supports a claimed deduction.
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