At a Glance
The Trustee's Reporting Role
Trump accounts, created by the One Big Beautiful Bill Act under Code Section 530A, put the reporting burden where the account lives: on the trustee or custodian. Families contribute, employers contribute, the federal pilot program contributes, but none of them file anything. The institution holding the account reports it all on the Form 5498-TA, the Trump account counterpart of the familiar 5498 for IRAs.
What You Track During the Year
| You Track | Reported In | Operational Note |
|---|---|---|
| Federal pilot contributions and general contributions | Box 1 | The $1,000 pilot arrives once per eligible child; general contributions run against the annual cap |
| Incoming rollovers from other Trump accounts | Box 2 | Must be distinguishable from new-money contributions in your source system |
| Employer contributions under Code Section 128 | Box 3 | Requires knowing a contribution came from an employer; see our Section 128 guide |
| Everything else (government programs, charitable classes) | Box 4 | The catch-all; document the source category at intake |
| Basis and December 31 fair market value | Boxes 5 and 6 | FMV depends on year-end pricing and is usually the last field available |
The category split matters because each bucket has its own rules; the breakdown is covered in Form 5498-TA contribution types explained. The account beneficiary is always an individual identified by SSN.
The Calendar, and the Extension That Does Not Exist
The 5498-TA follows the 5498-series rhythm: beneficiary statements by mid-March, IRS filing by the end of May (June 1, 2027 for the first season, since May 31 is Memorial Day). The catch: Form 8809 extensions do not cover the 5498-TA. Institutions that habitually buy 30 days with an 8809 should plan this form's data pipeline as if the deadline were immovable, because it is. Full dates are on the due date page.
The Filing Path: IRIS XML Only
If your 5498 and 5498-SA files still flow through FIRE-era Publication 1220 pipelines, note that the 5498-TA cannot join them: no FIRE format exists for it. The form is IRIS-native. Options:
- Direct IRIS filing: an IRIS TCC, schema validation against the IRS XSDs, business-rule compliance, and the IRS testing cycle
- A provider that files IRIS XML: BoomTax imports your account data, validates SSNs and business rules, e-files, and delivers beneficiary statements: see e-file Form 5498-TA online
IRIS Portal
Free manual entry of Form 5498-TA in the IRS portal. Best for a handful of returns.
High manual effortBuild XML In-House
A brand-new schema, your own TCC, and IRS testing windows. Months of development.
High dev costBeyond the 5498-TA
Contribution reporting is only one side. Distributions from Trump accounts surface on the 1099-R, which gained Trump account reporting in the 2026 form changes. Institutions building a Trump account product should plan both pipelines together: same accounts, two forms, two seasons. The 5498-TA is also one of three information returns debuting for tax year 2026; the others are covered in our overview of the new IRS information returns for 2026.
Frequently Asked Questions About Trump Account Reporting
The trustee or custodian holding the account. Families, employers, and the federal pilot program all contribute, but none of them file anything: the institution reports it all on one Form 5498-TA per account per year.
Beneficiary statements go out by mid-March, and the IRS filing is due June 1, 2027 for the first season. Form 8809 extensions do not cover the 5498-TA, so the deadline is immovable. Full dates are on the due date page.
No. No FIRE format exists for the 5498-TA; the form is IRIS-native. That means direct IRIS filing (TCC, XSD schema validation, testing) or a provider that files IRIS XML for you: see e-file Form 5498-TA online.
Employer contributions under Code Section 128 go in box 3, separate from pilot, rollover, and other contributions. That requires knowing a contribution came from an employer, so tag the source at intake. Details are in our Section 128 guide.
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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.