Public to Weigh in on Trump Accounts’ Reporting Form

The IRS is seeking public input on a new set of reporting requirements tied to Trump Accounts, marking the latest step in the rollout of a recently established retirement savings program.

In a notice scheduled for publication in the Federal Register on April 28, the Department of the Treasury invited discussion of revisions to its existing information collection framework for individual retirement accounts and the introduction of a new reporting form, Form 5498-TA, designed specifically for Trump Accounts.

The agency is accepting written feedback for 60 days following publication, part of a standard process under the Paperwork Reduction Act that allows the public and stakeholders to weigh in on the necessity and burden of federal data collection.

A New Layer of Reporting

Trump Accounts were authorized in the 2025 federal tax law as part of a pilot program aimed at expanding tax-advantaged savings options. Similar in structure to individual retirement accounts, they require trustees to report contributions, rollovers and annual fair market value of the accounts to the IRS.

The new Form 5498-TA will mirror the long-standing Form 5498 used for IRAs, but adds reporting requirements specific to the new accounts. According to the IRS, the additional data will help ensure compliance with contribution rules and verify taxpayer deductions.

Comments submitted during the current window will be reviewed and may be summarized as part of the agency’s request for approval from the Office of Management and Budget. As with prior comment periods, all submissions will be made public.

Previous public comments prompted the agency to clarify that participants will not be automatically enrolled in Trump Accounts. Some commenters have also called for broader investment options, noting that the accounts are currently limited to index funds tracking major U.S. stock indexes. Industry insiders, in particular, have requested the inclusion of international equity exposure—a proposal the government has not yet addressed.

The accounts are expected to launch in July.