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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-11140, Federal Independent Dispute Resolution Operations
Starting soon, health plans and insurers must share clearer info when they pay or deny surprise medical bills. They’ll use special codes to explain these decisions, especially when dealing with folks they don’t have contracts with. This helps patients and providers understand bills better and speeds up fixing disputes, with no extra costs for most people.
2025-18278, Occupations That Customarily and Regularly Received Tips; Definition of Qualified Tips
If you earn tips at work, these new rules show which jobs count as tip-earning and explain what counts as 'qualified tips' for tax deductions. The changes apply to tips received up to December 31, 2024, helping workers and employers know exactly what tips can lower their taxes. Get ready to keep better track of your tips and maybe save some money when tax time rolls around!
2025-02251, Administrative Requirements for an Election To Exclude Applicable Unincorporated Organizations From the Application of Subchapter K; Hearing Cancellation
If you run an unincorporated organization, new rules are coming to help you skip some tricky partnership tax laws. These changes explain how to make that election properly, so you don’t get caught in confusing tax stuff. No extra fees or deadlines yet, but keep an eye out for updates to stay ahead!
2026-17019, Application of Section 250(b)(3)(A)(i)(VII) to Sales or Other Dispositions of Property
This document contains proposed regulations under section 250 of the Internal Revenue Code (Code) that provide guidance on certain income of a domestic corporation that is excluded in the determination of deduction eligible income. This category of income consists of income and gain from the sale or other disposition of intangible property and any other property of a type that is subject to depreciation, amortization, or depletion. The proposed regulations would affect domestic corporations with foreign-derived deduction eligible income.
2026-16985, Application of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 to the Refunded Portion of Certain Federal Refundable Tax Credits
Starting soon, certain tax credits like the child tax credit and earned income credit will have new rules for who can get the refunded part. If you’re not a 'qualified alien' under a 1996 law, you won’t be able to claim these refunds anymore. This change mainly affects some immigrants and kicks in after public feedback and hearings this fall, so keep an eye on deadlines if you’re impacted!
2026-17021, Determination of Target Normal Cost and Funding Target for Single-Employer Defined Benefit Plans
This document contains proposed regulations that would modify rules in the existing regulations relating to the minimum funding requirement applicable to single-employer defined benefit pension plans. The modifications include changes to the rules relating to the determination of a plan's target normal cost and funding target and would implement certain statutory amendments that have not yet been reflected in the regulations. These proposed regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of single-employer defined benefit plans.
Previous / Next Documents
Previous: 2025-24256, Science Advisory Committee on Chemicals (SACC); Request for Nominations
The EPA is looking for smart science experts to join its Science Advisory Committee on Chemicals (SACC) to help review and improve how chemicals are evaluated for safety. If you or someone you know is a chemical whiz, you can apply or nominate others by February 4, 2026. This is a cool chance to shape how chemicals are handled and keep everyone safer, with new members joining by mid-2026.
Next: 2025-24258, Science Advisory Committee on Chemicals (SACC); Request for Nominations of Ad Hoc Peer Reviewers
The EPA is looking for smart science experts to help review 10 important chemicals that might be risky to people or the environment. They’ll hold two review meetings in early and mid-2026, and anyone can nominate themselves or others by February 4, 2026. This is a great chance to get involved in protecting health and nature without any cost to participants!