IRS Releases Draft Form for Reporting Trump Account Contributions

The Internal Revenue Service has issued a draft Form 5498-TA, Trump Account Contribution Information, which will be used by trustees to report tax year contributions to Trump accounts. The form is used to report information about the trustee, the account beneficiary, the types of contributions made (e.g., pilot program contribution, rollover contribution, Section 128 employer contributions, and all other contributions), and basis and fair market value of the account. The program is expected to launch July 4, 2026.