Form 5498-TA Contribution Types Explained

Why the 5498-TA Separates Contribution Types

Trump accounts accept money from several very different sources: the federal government, families, employers, and other accounts. Each source has its own limit and its own tax treatment, so the trustee reports each in its own box on Form 5498-TA. When the IRS (or the family's tax preparer) looks at the form, the split answers three questions at once: did the account get its pilot contribution, did anyone exceed a limit, and how much of the balance came from where.

Box 1: Pilot Program and Qualified General Contributions

Two things share this box. The pilot program contribution is the one-time $1,000 federal contribution for eligible children born in 2025 through 2028; it arrives once per child and only through the government pilot. Qualified general contributions are the ordinary contributions made on the child's behalf, typically by parents or relatives, subject to the annual contribution cap (initially $5,000, indexed for inflation).

Box 2: Qualified Rollover Contributions

Amounts moved into this Trump account from another Trump account in a qualified rollover. Rollovers are tracked separately because they are not new money entering the system and do not count against the annual contribution cap.

Box 3: Section 128 Employer Contributions

Contributions an employer makes to the account of an employee or an employee's dependent under new Code Section 128. These are excludable from the employee's income up to an annual limit but still count within the overall contribution cap, which is why the IRS wants them visible as their own line. Employers evaluating this benefit should read our guide to Section 128 employer contributions to Trump accounts.

Box 4: Other Contributions

The catch-all for contributions that do not fit the first three boxes, such as amounts from state or local government programs or charitable organizations contributing to a qualified class of children. If a contribution is neither general, nor a rollover, nor employer money under Section 128, it lands here.

Boxes 5 and 6: Basis and Fair Market Value

Box 5 reports the basis or investment in the contract, and box 6 reports the account's fair market value at year end. Neither is a contribution: they describe the account. That is why the form's contribution total is the sum of boxes 1 through 4 only. The FMV number is usually the last piece of data available, since it depends on December 31 pricing, and it is the field most likely to hold up a trustee's filing file.

A Worked Example

A child born in 2026 has an account opened by their parents. During 2026 the account receives the $1,000 federal pilot contribution, $2,000 from the parents, and $1,500 from a parent's employer. The trustee reports box 1: $3,000 (pilot plus general), box 3: $1,500, boxes 2 and 4 empty, and boxes 5 and 6 per the account's year-end records. Total contributions reported: $4,500.

File the 5498-TA with BoomTax

BoomTax validates the contribution categories, generates the IRIS XML, e-files with the IRS, and delivers beneficiary copies. See e-file Form 5498-TA online for the pipeline and the due date page for the season's deadlines (note: no Form 8809 extension exists for this form).

External Resources

• IRS: Form 5498-TA (draft)
• IRS: E-file information returns with IRIS

Frequently Asked Questions About Form 5498-TA Contribution Types