Form 5498-TA reports activity in a Trump Account — a new tax-advantaged savings account for children created by recent legislation. Like the rest of the 5498 family, it is filed by the account’s trustee or custodian (a bank or other financial institution), not by the family. It reports contributions for the year and the account’s year-end value, so the IRS can track amounts going in against the annual limits.
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What Form 5498-TA Reports
If you already handle Form 5498 for IRAs or 5498-SA for HSAs, 5498-TA will feel familiar: it is the annual “what went in and what it’s worth” statement for a Trump Account.
The return captures the contributions made to the account during the year — which can include amounts from a family plus any government seed or pilot-program contribution — along with the fair market value of the account at year end. Those figures let the IRS confirm contributions stay within the annual limits the law sets for these accounts.
Who Files 5498-TA
The trustee or custodian of the account files it. That is the financial institution holding the account, in the same way an IRA custodian — not the IRA owner — files Form 5498.
- Banks and trust companies that offer Trump Accounts
- Broker-dealers and fund companies acting as custodian
- Any institution designated as trustee for the account
Parents and account beneficiaries do not file 5498-TA. They receive an informational copy for their records; the filing obligation is entirely on the institution that custodies the account.
Who Receives the Statement
The account’s beneficiary or the responsible individual receives a copy for their records, confirming the year’s contributions and value. Because 5498-series forms are informational, the recipient generally does not attach it to a return — but it is the paper trail that supports the contribution limits and any future distribution rules.
Filing 5498-TA Through IRIS
5498-TA is a native form type in the IRIS TY2026 schema, so contributions, rollovers, and year-end value map to dedicated elements rather than a generic 5498.
Custodians typically file 5498-series returns in bulk, well into the year (5498 forms have a later deadline than most 1099s). IRIS handles 5498-TA the same way as the rest of the family: validate, transmit, receive a Receipt ID.
Onboarding a new account type?
e1099f files 5498-TA as validated IRIS XML, so a brand-new form is not a brand-new filing project.
Frequently Asked Questions
What is a Trump Account?
Who files Form 5498-TA — the family or the bank?
When is 5498-TA due?
Does it report distributions?
Can I file 5498-TA through IRIS?
Not tax advice. Trump Accounts and Form 5498-TA are new and still being implemented; the current IRS instructions and law are authoritative and may change. Confirm your obligations with a qualified advisor.