5498 Forms › What is Form 5498-TA? Trump Account Contribution Reporting
At a Glance
Understanding IRS Form 5498-TA
Form 5498-TA reports activity in a Trump account, the tax-advantaged savings account for children created by the One Big Beautiful Bill Act (Public Law 119-21) under new Internal Revenue Code Section 530A. Like Form 5498 for IRAs, it is an account-level statement filed by the trustee, not by the family: it tells the IRS and the account beneficiary what went into the account during the year and what the account was worth at year end.
The account beneficiary is always an individual and is identified by SSN. One form is filed per account per year.
Who Must File Form 5498-TA?
Form 5498-TA is filed by:
Banks & Trust Companies
Institutions acting as Trump account trustees, holding the account and its investments on behalf of the beneficiary.
Brokerages & Financial Institutions
Firms serving as account custodians, managing the account's index fund investments and recordkeeping.
A copy of the contribution information is also furnished to the account beneficiary. Employers that contribute to employees' accounts do not file this form; the trustee reports their contributions in box 3.
Form 5498-TA Box Breakdown
| Box | Description |
|---|---|
| 1 | Pilot program and qualified general contributions |
| 2 | Qualified rollover contributions |
| 3 | Section 128 employer contributions |
| 4 | Other contributions |
| 5 | Basis or investment in the contract |
| 6 | Fair market value of account at year end |
Boxes 1 through 4 are the year's contributions; boxes 5 and 6 describe the account itself. For what belongs in each contribution category, see Form 5498-TA contribution types explained.
What Is a Trump Account?
Trump accounts were created by the One Big Beautiful Bill Act for children under 18. Key features include:
- Federal pilot contribution: eligible children born in 2025 through 2028 receive a one-time $1,000 government-funded contribution
- Family and other contributions: annual contributions are capped (initially $5,000, indexed for inflation)
- Employer contributions: employers can contribute to accounts of employees or their dependents under new Code Section 128, excluded from the employee's income up to an annual limit; see our guide to Section 128 employer contributions to Trump accounts
- Tax-deferred growth: the account invests in diversified index funds and grows tax-deferred until distributions begin
The distribution side of these accounts touches other forms: see our coverage of the Form 1099-R changes for 2026, which added Trump account distribution reporting.
New Form, IRIS-Only Filing
Form 5498-TA starts with tax year 2026 and is e-filed through the IRS Information Returns Intake System (IRIS) exclusively. There is no FIRE transmission path and no Publication 1220 fixed-width layout for it. Trustees already filing Forms 5498, 5498-ESA, or 5498-SA through FIRE-era pipelines will need an IRIS XML path for this form; our Trump account reporting guide for trustees covers what to set up.
E-File Form 5498-TA with BoomTax
BoomTax generates the IRIS XML for Form 5498-TA and e-files it with the IRS, then delivers beneficiary copies. Import your account data, review, and transmit. For the full filing picture, see e-file Form 5498-TA online.
Import Your Form 5498-TA Data
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
Step-By-Step Wizard
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
E-File & Mail Employee Copies
Once your data is loaded, you can e-file and distribute employee copies in minutes.
Filing Deadlines
-
March 15, 2027
Beneficiary Statements
Contribution information must be furnished to each account beneficiary on or before March 15, 2027.
-
June 1, 2027
IRS E-File
Form 5498-TA must be e-filed with the IRS through IRIS on or before June 1, 2027 (May 31 falls on Memorial Day).
Note that unlike most information returns, Form 8809 extensions are not available for the 5498-TA. Full details for the first filing season are on our Form 5498-TA due date page.
Frequently Asked Questions About Form 5498-TA
No. Only the trustee or custodian that holds the Trump account files Form 5498-TA. Parents, other contributors, and employers do not file it; their contributions are reported by the trustee in the appropriate box.
No. Form 8809 automatic extensions do not cover the 5498-TA, so the IRS deadline is firm. Plan the data collection and e-file window accordingly; the good news is that the 5498-series deadline already falls months after the January and March 1099 rush.
Yes. The federal pilot program contribution is reported in box 1, combined with qualified general contributions. Rollovers, employer contributions, and all other contributions each have their own box so the IRS can track each category against its own rules.
No. Form 5498-TA exists only in the IRS IRIS system. It has no FIRE format and no Publication 1220 record layout, so it must be e-filed as IRIS XML (or through a provider like BoomTax that files IRIS XML for you).
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.