Who must file Form 5498-TA
The trustee of a Trump account files Form 5498-TA with the IRS and furnishes a copy to the account beneficiary for each Trump account it maintained during a calendar year that falls in the beneficiary's growth period. The growth period starts on the date the beneficiary's first Trump account is established and ends on December 31 of the year the child turns 17. For the years after that, the same account is reported on Form 5498, and distributions in any year go on Form 1099-R.
A Trump account is a traditional IRA created in the United States for the exclusive benefit of a child who has a Social Security number and has not reached age 18 by the end of the year the account is set up. It must be designated as a Trump account when it is established, its governing instrument must meet IRC 530A(b)(1)(C) and 408(a), and a child can have only one. The annual contribution limit is $5,000, not counting pilot program, qualified general and qualified rollover contributions, indexed for inflation after 2027.
The form is required even in a year with no contributions, because it carries the basis and the year-end value. The one exception: a total distribution during the year with no contributions, in which case no form is needed to show a zero value. A contribution can only be reported for the calendar year in which it is made; there is no designation of a contribution for an earlier year. The beneficiary statement is due May 31. The draft instructions point to Pub 1099 for the IRS filing date, and Pub 1099 (2026) says to see the form instructions, so the IRS due date is not yet set. Form 5498-TA is an IRIS form for tax year 2026, and the IRIS schema lists it among the forms an 8809 extension can cover.
Threshold: All amounts, for every Trump account maintained during a calendar year in the beneficiary's growth period, even when no contributions were made, unless a total distribution closed the account and nothing was contributed that year.
What is reported, box by box
| Box | What it reports | Notes |
|---|---|---|
| 1 | Pilot program and qualified general contributions | The $1,000 pilot program deposit the Treasury makes under IRC 6434, and qualified general contributions: amounts funded by a state or local government, the United States, the District of Columbia, a tribal government or a 501(c)(3) organization and distributed to the accounts of a designated class of children. |
| 2 | Qualified rollover contributions | A direct trustee-to-trustee transfer of the child's entire Trump account balance to a new Trump account; the receiving trustee reports it. The basis carries over. |
| 3 | Section 128 employer contributions | Contributions by an employer to the Trump account of an employee or an employee's dependent under an IRC 128(c) program; the employer identifies them as such when it contributes. |
| 4 | Other contributions | Everything else, typically from parents and family. These are the contributions that create basis. |
| 5 | Basis or investment in the contract | Total basis. Pilot program, qualified general and section 128 employer contributions create none; other contributions do, and a rollover brings its basis with it. |
| 6 | FMV of account | Fair market value at December 31 of the year reported. |
| Trustee's and beneficiary's name, TIN and address; account number | The account number of the Trump account. The beneficiary's TIN may be truncated on the statement, never on the IRS copy, and the trustee's TIN is never truncated. |
Box titles follow the current revision of the form. The IRS reads the payer and recipient name, TIN, address, account number and the money boxes; the state boxes are for the state copy only.
Payments that are not reported on Form 5498-TA
- Distributions from the account, which go on Form 1099-R (including the amount included in income when the beneficiary dies during the growth period).
- Years after the growth period ends, when the account is reported on Form 5498 instead.
- A year in which a total distribution closed the account and no contribution, including a qualified rollover contribution, was made.
Due dates and extensions
| Copy | Due | For 2026 returns |
|---|---|---|
| To the IRS, paper | Not yet set | Not yet set |
| To the IRS, electronic | Not yet set | Not yet set |
| To the recipient | May 31 | Tuesday, June 1, 2027 (May 31 is Memorial Day) |
An automatic 30-day extension is available on Form 8809, filed by the due date on paper or through IRIS; a second 30 days requires a hardship showing. Recipient statements can be extended 30 days on Form 15397, online or by fax only. 10 or more information returns of any type in aggregate must be e-filed (T.D. 9972); IRIS is the only IRS intake system from filing season 2027, FIRE having been retired. A payer who e-files the originals must e-file the corrections.
For 2026 forms filed in 2027: January 31 falls on a Sunday, so that deadline moves to Monday, February 1, 2027; February 28 also falls on a Sunday, so the paper deadline moves to Monday, March 1, 2027. March 31 (electronic) and March 15 are weekdays. February 28 does not become February 29 in a leap year. The compliance calendar has every date with the weekend shifts applied.
Withholding and TIN matching
Contributions are not payments to the beneficiary, so backup withholding does not apply and the form is outside the IRS TIN Matching program. The record still has to carry the child's correct name and SSN: the account exists only for a child with an SSN, and the IRS copy must show the full number.
Name and TIN errors on this form
Every information return is matched by the IRS on the first four characters of the payee's name (the name control) against the TIN. The draft instructions refer to Pub 1099 for penalties and do not yet state which penalty applies to Form 5498-TA; the other 5498-series forms carry the IRC 6693 penalty of $50 per return. Because the beneficiary is a child identified by SSN, the name and SSN on the form should match the Social Security card from the start. The errors that recur on Form 5498-TA:
- The child is the beneficiary. The return is filed under the child's SSN and name, not the parent's or the employer's, even when an employer or a government program funded the contribution.
- One account per child. The instructions say a beneficiary can only have one Trump account, so a second account under the same SSN at another trustee is a red flag; a move between trustees is a qualified rollover, reported in box 2 by the receiving trustee.
- Name changes over a long life. The growth period can run 17 years; refresh the child's name against the Social Security record when the account moves or a parent reports a change.
The name control calculator shows what the IRS will derive from a name line, and the CP2100 guide covers what to do when the notice arrives.
Recipient statements and substitutes
The recipient statement for Form 5498-TA need not be a copy of the official form: a substitute may be combined with other account statements or reports, provided every required item is numbered and titled as on the official form, the tax year, form number and form name appear together, the recipient instructions are included, and, for the forms Pub 1099 lists, a telephone number with direct access to someone who can answer questions is shown. Publication 1179 (Rev. Proc. 2026-18) has the specifications; logos, slogans and advertising are not permitted on the statement itself. Statements may be furnished electronically only to a recipient who has affirmatively consented in a way that shows they can access the format, after the disclosures in Pub 1099 part M, and must stay posted through October 15. Copy B may show a truncated TIN (xxx-xx-1234); the IRS copy never may.
Corrections and state copies
A wrong amount, code or checkbox is a Type 1 correction: one corrected return with the CORRECTED box checked. The wrong form type is a Type 2 correction: a zeroed-out copy of the original plus a new original, in that order. A wrong or missing payee TIN or name is also Type 2 on paper, but IRIS corrects it in one step on the original record (Publication 5717). Publication 1099 also says you are not required to file a correction for a missing or incorrect TIN if you meet the reasonable-cause standard, only to use the right TIN on the next return, although the IRS encourages the correction. Details and the paper error charts are on the 1099 corrections page.
Form 5498-TA is not in the Combined Federal/State Filing program, so any state that requires it must receive it directly. Requirements by state are on the state pages.
Questions people ask about Form 5498-TA
Is Form 5498-TA final?
Not yet. The IRS posted the December 2026 draft form on April 3, 2026 and the draft instructions on May 13, 2026. Both are marked draft and must not be filed.
When is it due?
The beneficiary statement is due May 31 (June 1, 2027 for the 2026 form, because May 31 is Memorial Day). The IRS filing date is not yet stated: Pub 1099 (2026) says to see the form instructions, and the draft instructions refer back to Pub 1099.
Do we file if nothing was contributed this year?
Yes, for every account maintained during the growth period, because the form also reports the basis and the year-end value. The only exception is a total distribution with no contributions that year.
What happens when the child turns 18?
The growth period ends on December 31 of the year the child turns 17. From the following year the account is reported on Form 5498 like any other traditional IRA.
How is it filed?
Electronically through IRIS. It is a new form with no FIRE layout, so it cannot be filed through FIRE or converted from a Pub 1220 file.
Other federal forms
1042-S · 1097-BTC · 1098 · 1098-C · 1098-E · 1098-F · 1098-Q · 1098-T · 1098-VLI · 1099-A · 1099-B · 1099-C · 1099-CAP · 1099-DIV · 1099-G · 1099-INT · 1099-K · 1099-LPS · 1099-LS · 1099-LTC · 1099-MISC · 1099-NEC · 1099-OID · 1099-PATR · 1099-Q · 1099-QA · 1099-R · 1099-S · 1099-SA · 1099-SB · 3921 · 3922 · 5498 · 5498-ESA · 5498-QA · 5498-SA · W-2G · 1099-DA · Comparison table
Sources: IRS Publication 1099 (2026), General Instructions for Certain Information Returns, which replaced the separate General Instructions starting with tax year 2026; Draft Form 5498-TA (Dec. 2026, posted April 3, 2026); draft Instructions for Form 5498-TA (Dec. 2026, posted May 13, 2026); Pub 1099 (2026); IRIS A2A schema, tax year 2026 v1.2 (Form 5498-TA and Form 8809); P.L. 119-21; IRC 128, 408(a), 530A, 6434. Threshold amounts are indexed for inflation from calendar year 2027; check IRS.gov/InflationAdjustment for the current year.