Gary Lesser

Trump Accounts Resources Available statutory, agency, executive, and official government materials — current as of May 18, 2026 Scope note. This resource list focuses on child “Trump Accounts” established under Code Section 530A and related statutory provisions. A separate subhead identifies the similarly named TrumpIRA.gov Executive Order, which concerns retirement-savings access for workers and is not the same as a Code Section 530A Trump Account. This revision revises links IRC sections to the Office of the Law Revision Counsel (OLRC), U.S. House of Representatives (uscode.house.gov). Primary Statutory Authority · Public Law 119-21, Section 70204 — Adds the statutory framework for Trump Accounts, including new Code Sections 530A, 128, 139J, 6434, and related penalty/reporting provisions; generally effective for taxable years beginning after December 31, 2025. · Code Section 530A — Trump accounts — Core account statute. Treats a Trump Account as a traditional IRA with special rules for eligible individuals, the growth period, eligible investments, contribution limits, distributions, rollovers, trustee selection, coordination with other IRA rules, and reporting. · Prop. Treas. Reg. §1.530A — Preamble and Proposed regulations under Code Section 530A addressing initial Trump Account elections, authorized individuals, responsible parties, and related definitions; reserves future regulatory sections for additional guidance. · Code Section 128 — Trump account contribution programs — Excludes certain employer contributions under a separate written Trump Account Contribution Program, subject to the statutory dollar limit and plan requirements. · Code Section 139J — Qualified general Trump account contributions — Excludes qualified general contributions from the beneficiary’s gross income. · Code Section 6434 — Trump account contribution pilot program — Provides the statutory pilot-program mechanism for the one-time $1,000 Treasury contribution for eligible children and related rules, including SSN requirements, anti-offset treatment, and definitions. · Prop. Treas. Reg. §1.6434 – Preamble and Proposed regulations relating to the Trump accounts contribution pilot program. · Code Section 6659 — Improper claim for Trump account contribution pilot program credit — Adds penalties for improper claims relating to the pilot-program credit, including negligence/disregard and fraud amounts. · Code Section 6213 — Mathematical or clerical error authority — Includes the omission of a correct Social Security number required under Code Section 6434(e)(1) within the math-error framework. · Code Section 6693 — Failure to provide reports on individual retirement accounts or annuities — Extends IRA-type reporting penalty treatment to reports required under Code Section 530A(i). Congressional Research Service (CRS) · Trump Accounts: Overview and Policy Considerations [CRS Report R48910 (Apr. 6. 2026) — Explains the structure, contribution rules, tax treatment, withdrawal limits, and policy issues for Trump Accounts. Good overview with comparisons to custodial accounts, 529 plans, and brokerage accounts for children. Treasury/IRS Notices and I.R.B. Materials · IRS Notice 2025-68 — Initial IRS/Treasury guidance announcing intended regulations and addressing creation of initial and rollover Trump Accounts, the $1,000 pilot contribution, individual and employer contributions, eligible investments, distributions, reporting, and coordination with other IRA rules. · Internal Revenue Bulletin 2025-52 — Notice 2025-68 — Published I.R.B. version of Notice 2025-68. · IRS News Release IR-2026-33 — IRS release summarizing the proposed regulations on how to open initial Trump Accounts, including use of Form 4547 or the online version and priority rules for authorized individuals. · IRS News Release IR-2026-31 — IRS release summarizing the proposed regulations for the Trump Accounts contribution pilot program. · Internal Revenue Bulletin 2026-13 — Proposed rules for Trump Accounts and pilot-program contribution — I.R.B. publication of the March 2026 proposed rules. · Final or temporary regulations — No final or temporary Treasury regulations specific to Code Section 530A Trump Accounts were located as of May 6, 2026; the current regulation-level materials located were proposed regulations and Notice 2025-68. IRS Webpages, Forms, Instructions, and Filing Mechanisms · IRS Trump Accounts landing page — IRS summary page for parents, guardians, authorized individuals, trustees, employers, and other contributors; links to TrumpAccounts.gov, Form 4547, and Notice 2025-68. · IRS One Big Beautiful Bill provisions page — IRS implementation page summarizing Trump Accounts, including the July 4, 2026 contribution start date, $1,000 pilot contribution, $5,000 general contribution limit, and employer contribution exclusion summary. · IRS One Big Beautiful Bill notices page — IRS notices index for OBBBA implementation, including Notice 2025-68. · About Form 4547, Trump Account Election(s) — IRS “About” page for Form 4547 and instructions; used for Trump Account elections and, where applicable, the $1,000 pilot-program election. · Form 4547, Trump Account Election(s) — IRS form used by an authorized individual to elect to open a Trump Account and, if applicable, request the pilot-program contribution. · Instructions for Form 4547 — IRS instructions for completing Form 4547, including eligibility, Social Security number, trustee, and submission mechanics. · Online Form 4547 Data Submission / Trump Account Election portal — Official online election portal for Form 4547 data submission. · About Form 8879-TA, IRS e-file Signature Authorization for Form 4547 — IRS “About” page for the electronic signature authorization used when an ERO files Form 4547 with the authorized individual’s tax return. · IRS forms and instructions listing for Form 4547 products — IRS product listing for Form 4547, instructions, Spanish-language materials, and related electronic signature authorization materials. · IRS Annual Federal Tax Refresher Course Outline (Publication 6079) — IRS educational outline that includes Trump Accounts among 2026 tax-law update topics and references Notice 2025-68. IRS News Releases and IRS Public Announcements · IR-2025-117 — Treasury, IRS issue guidance on Trump Accounts — Announces Notice 2025-68 and upcoming regulations; summarizes core topics, including initial and rollover accounts, the pilot contribution, contributions, eligible investments, distributions, reporting, and IRA coordination. · IR-2026-31 — Proposed regulations for the Trump Accounts contribution pilot program — Announces proposed regulations on the $1,000 pilot-program contribution and eligible-child election process. · IR-2026-33 — Proposed regulations on how to open initial Trump Accounts — Announces proposed regulations on initial Trump Account elections, authorized individuals, and responsible parties. · IRS March 2026 news-release index — Index page listing IRS March 2026 Trump Account releases, including IR-2026-31 and IR-2026-33. · IRS public announcement — 4 million children signed up for Trump Accounts — IRS public announcement describing Form 4547 submissions, pilot-program requests, and the July 4, 2026 contribution start date. Treasury Department Materials and Administrative Implementation · Treasury Working Families Tax Cuts fact sheet — Trump Accounts Jumpstart the American Dream — Treasury fact sheet summarizing account structure, eligibility, the $1,000 pilot contribution, contribution opportunities, and intended policy goals. · Treasury Working Families Tax Cuts fact-sheet index — Treasury index page for Working Families Tax Cuts implementation materials, including Trump Accounts fact sheets. · Treasury press release — Trump Accounts: The Defining Policy of America’s 250th Anniversary — Treasury release discussing Trump Accounts implementation, Form 4547 usage, pilot-program elections, and funding channels. · Treasury press release — Corporate and philanthropic commitments to Trump Accounts — Treasury release describing private-sector and philanthropic commitments associated with Trump Accounts. · Treasury press release — Treasury designates BNY as financial agent for Trump Accounts — Treasury release describing designation of BNY as financial agent and Robinhood as brokerage/initial trustee for the Treasury-led Trump Accounts platform. · Treasury System of Records Notice — Trump Accounts records — Treasury Privacy Act notice for the system of records supporting Treasury’s Trump Accounts responsibilities, including oversight, compliance, and program-integrity functions. · Treasury Working Families Tax Cuts landing page — Treasury implementation landing page for Working Families Tax Cuts materials, including Trump Account resources. · Treasury tax-expenditure materials for FY 2027 — Treasury analytical/budget material that includes tax-expenditure discussion relevant to new Code provisions, including Trump Account-related provisions. · Remarks by Secretary Bessent — December 17, 2025 — Treasury remarks discussing Trump Accounts implementation, Form 4547, and contribution timing. · Remarks by Secretary Bessent — January 8, 2026 — Treasury remarks addressing Trump Accounts among Working Families Tax Cuts implementation topics. Official Trump Account Platforms and White House / Executive Office Materials · TrumpAccounts.gov — Official public-facing Trump Accounts website explaining basic eligibility, the $1,000 pilot contribution for eligible children born 2025 through 2028, annual contribution limits, and the July 4, 2026 launch date for contributions. · Form.TrumpAccounts.gov — Official online data-submission portal for Form 4547 / Trump Account elections. · White House release — Trump Accounts will chart path to prosperity for a generation of American kids — White House release summarizing the legislative proposal and policy rationale for Trump Accounts. · White House research article — Trump Accounts give the next generation a jump start on saving — White House research article describing expected savings and investment effects under assumed contribution scenarios. · White House release — Landmark Dell gift supercharges Trump Accounts for America’s kids — White House release describing the Dell gift, eligibility window, annual contribution limit, July 4, 2026 contribution start date, Form 4547, and employer/cafeteria-plan contribution concept. Related Executive Order — TrumpIRA.gov / Saver’s Match, Not Code Section 530A Child Accounts · Executive Order — Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov — Establishes TrumpIRA.gov by January 1, 2027, for workers without employer-sponsored retirement plans. It is related retirement-savings policy but is distinct from child Trump Accounts under Code Section 530A. · White House fact sheet — President announces TrumpIRA.gov — White House fact sheet discussing TrumpIRA.gov and referencing broader Working Families Tax Cuts retirement-savings policy; use with caution because it is not itself Code Section 530A Trump Account guidance. DOL / EBSA Materials · DOL/EBSA Trump Account-specific guidance — No DOL or EBSA guidance specific to child Trump Accounts under Code Section 530A was located as of May 6, 2026. · Executive Order — TrumpIRA.gov — The related TrumpIRA.gov Executive Order directs the Secretaries of the Treasury and Labor to consider regulations, exemptions, or guidance concerning IRA protections and prohibited transactions; this is the only located DOL-adjacent official material, and it relates to TrumpIRA.gov/Saver’s Match access for workers rather than Code Section 530A child Trump Accounts. · Employee Benefits Security Administration homepage — General EBSA source page for future monitoring; no Trump Account-specific EBSA item was located there as of this resource list. Search / editorial note. This list uses official government URLs and embedded hyperlinks. It does not include non-government commentary, news coverage, or third-party summaries. Because Trump Account implementation is active, IRS, Treasury, DOL, and EBSA pages should be rechecked before publication or final citation. Hope this helps. Trump_Accounts_Resources.docx

This COLA chart was designed with smaller business owners in mind. In addition to the indexed limits in Notice 2024-80, certain enhanced and additional limits are also shown for smaller businesses (under 26 employees) and larger employers (26 to 100 employees). The footnotes are important and provide additional clarification. Please let me know if you have any suggestions for next year's chart! A rollover chart is contained on page 2. Uploaded new file on February 26 to include the new bankruptcy exemption amount ($1,711,975) for IRAs (excluding most rollovers). Hope this helps. Enjoy, ``Gary COLA_RO_2025-ENHANCED.pdf

Never going to happen. Trustee or custodian MUST issue 1099-R if a distribution (serious penalties for not filing and another for not furnishing**). There was/is no employer and there is no SEP (because employer was ineligible). The distribution s being made from an IRA. His or her argument (basis) is with the IRS. The basis in an IRA is "[g]enerally...zero."" [See Conference Committee General Explanation,* ERISA Sec. 2002, see "Taxation of distributions--in general"] But what about the 6% tax on excess contributions (on amounts over his allowable limits)? The amount contributed over the amount "allowable" as a deduction ($0) may also be subject to the tax on nondeductible contributions (IRC 4972). But see 4972(C)(6) exception "[i}ndetermining the amount of nondeductible contributions for any taxable year, there shall not be taken into account—...so much of the contributions to a ... simplified employee pension (within the meaning of section 408(k)) which are not deductible when contributed solely because such contributions are not made in connection with a trade or business of the employer." Under the EPCRS VCP there could be sanctions. The defect (ineligible employer) is not eligible for SCP. Hope this helps. ~~Gary * See CCH, Pension Reform Act of 1974--Law and Explanation, p. 368. ** See IRC 6721 and 6722.

No. The 4 percent rate is only available to electing large employers. [I.R.C. 408(p)(2)(C)(IV)] Otherwise the "applicable percentage" rate is 3 percent. [See I.R.C. 408(p)(2)(C)(ii)(I), therein lies the answer. go no further.] Hope this helps.~~Gary Pretty dog.

If SEP contributions have been made for the 2024 CY, then a new" SIMPLE IRA/Roth plan will have to wait until next year. [I.R.C. § 408(p)(2)(D)] For 2024, the SIMPLE limit is $16,000 (but increased to $17,600. (SECURE 2.0, §117) Also, additional non elective SIMPLE contributions now permitted up to 10% of first $345k of compensation (not to exceed $5,000). (SECURE 2.0, §116) Next year, additional SIMPLE catch-up contributions allowed if age 60, 61, or age 62. (SECURE 2.0, § 109) Existing model and prototype plans may be used for all of the above (prior to updating and amendment). [I.R.S. Notice 2024-2] If client has been maintaining both a SEP and a SIMPLE IRA/Roth, then client has some problems. Participation in either plan generally results in "active participation" status. Subject to AGI limits, client could still contribute to an IRA or Roth IRA, or a nondeductible IRA. With most trustees/custodians, the same IRA can be used to receive "annual" contributions. I assume you meant contributions are or were were being made to SEP Hope this helps. ~~Gary

It would be more prudent to fix the entire issue at once with interest calculated using the DOL Online VFCP Calculator available at https://www.askebsa.dol.gov/VFCPCalculator/WebCalculator.aspx. If Lost Earnings are paid on the Recovery Date, leave the Final Payment Date blank.

Earnings are all earnings; my 4 cents--From Roth IRA Answer Book Q&A 2:28 "Note. The final regulations provide that net income calculations must be based on the overall value of an IRA and the dollar amounts contributed or distributed from the IRA. The regulations do not permit the calculation of net income on the basis of the return on specific assets (the “anti-cherry picking” rule). [ T.D. 9056, 68 Fed. Reg. 23586–23590 (May 5, 2003); REG-124256-02 (67 Fed. Reg. 48067–48070), as corrected at 67 Fed. Reg. 53644 (Aug. 16, 2002)] However, the anti-cherry picking rules can be avoided by specifically identifying assets to be transferred or purchased into newly established Roth IRAs, one Roth IRA for each grouping of assets (e.g., a particular fund, different stock or market sector groupings). It may still be possible, however, to cherry pick some contributions by characterizing a full or partial contribution or a recent conversion. [ See “How to Cherry Pick Assets for a Recharacterization,” The Retirement Dictionary (Apr. 2018), available at https:// retirementdictionary.com/how-to-cherry-pick-assets-for-a-recharacterization (visited on July 15, 2022)]" {Emphasis added.} From Roth IRA Answer Book Q&A 2:28

For some reason, 80% of the TWB is always a whole number. Using "80% + $1" is friendlier than "80.01 percent," and clearer than "...next highest $1" (which would result in a lower spread - 5.4%).

Puffinator ~~ Here's another calculator in Excel. The spread is determined automatically. The separate tier calculations are shown starting in columns CE. Integration in a SEP is a little bit different since there is a 25% allocation limit. Set for a corporate profit-sharing plan (but plan type can be changed). Hope this helps. ~~Gary 4-STEP INTEGRATION - COR-SAR-2022.xls

Yes, the SEP would be subject to controlled group rules and potentially make the employees eligible in future years. The Loss. A self-employment loss from a separate unincorporated business that is unrelated to the employer adopting the SEP but is owned in part by the same individual does not directly offset the earned income of the employer adopting the SEP. There is no such thing as negative compensation. Nevertheless, the loss will affect the calculation of the individual's self-employment tax, and the amount of that tax will have an effect on the calculation of earned income that can be considered for the plan. Similarly, a loss from an unincorporated business owned by one spouse would not reduce the earned income of an unincorporated business owned by the other spouse. More than one entity may have to be considered in designing a SEP, testing for various limits, and avoiding discrimination initially or in operation. The employers may be related or unrelated, or they may be considered related for some purposes but not all. Many complexities may arise when an individual has an interest in more than one business. For instance, if a sole proprietor has an interest in multiple related or controlled employers, in most cases those employers will all adopt the plan. What if one of the entities was unrelated and did not adopt the plan? Would the deduction for half of the owner's self-employment tax have to be prorated? Possibly, says one commentator. [Lawrence C. Starr, American Society of Pension Professionals and Actuaries (ASPPA), p. 4, ―Compensation Issues: Earned Income, Sole Proprietors, Partners, LLCs, LLPs‖ (2016), available at https://www.asppa.org/sites/asppa.org/files/PDFs/2016AnnualHandouts/WS28 part 1 of 2.pdf (visited on May 5, 2022)] Further, knowing the total amount of all the outside earned income subject to self-employment tax presupposes that the formulas and contributions for each separate employer's nonowner participants are known. That is unlikely (see Q 7:2). When the ―ultra net (after all adjustments) earned income (see Q 7:26) is less than the $305,000 maximum for 2022, the proration of the self-employment tax deduction among multiple entities (to increase the amount of earned income that is considered for plan purposes) would seem preferable to allocating all of the earned income to the entity that adopted the plan. [See Ann. 94-101, §684, Ex. I, 1994-35 I.R.B. 53] At the same time, it should be noted that allocating all of the self-employment tax to a nonadopting entity (to maximize the amount of earned income that is considered for plan purposes) might be considered aggressive. [See Simple, SEP, and SARSEP Answer Book, Q 7:5 (regarding the loss) and Q 7:27, Wolters-Kluwer (2022).]

On second thought (sorry it took so long), I think the rehired employ should be given notices and allowed to participate in the year of rehire. In certain situations, the requirement that specific information, notices, and elections regarding a SIMPLE be given before the beginning of the 60-day period for making or modifying a salary reduction election may be waived. Such situations include instances when an employee becomes an eligible employee other than at the beginning of a calendar year because 1. The plan does not impose a compensation requirement for prior years; 2. The employee satisfied the plan's compensation requirement for prior years during a prior period of employment with the employer; or 3. The plan is first effective after the beginning of a calendar year. [I.R.C. §§408(l)(2)(C)] If any of the foregoing circumstances apply, the eligible employee must be permitted to make or modify a salary reduction election during the 60-day period that begins on the day plan notice is provided to the employee and that includes the day the employee becomes an eligible employee or the day before. By allowing the 60-day period to start on the day plan notice is provided to the employee (instead of on the next day), a rehired employee, for example, will not have to wait until the following year to become eligible. Thus, in this case, the salary reduction election will become effective as soon as practical after receipt by the employer (or, if later, the date specified by the employee in the salary reduction agreement) but any election made by the eligible employee may be modified prospectively any time during the 60-day period. It would be impractical to require notice before the date of eligibility in such situations because that day or the identity of the employee, or both, is not always known. [See SIMPLE IRA plan LRM §§6–7 (Apr. 2005)] These rules would most likely also apply to adopters of model plans. [SIMPLE LRM - attached] Example. Stacy was a participant in her employer's SIMPLE IRA plan until she severed her employment in January 2021. On May 1, 2021, Stacy was rehired and provided notice of the opportunity to make a salary reduction election. The 60-day period that started on May 1 includes the day Stacy became an eligible employee (May 1, 2021). If it were not for the special rule, the 60-day period could not start until May 2 and thus could not include the day Stacy became eligible (May 1) or the day before (Apr. 30). Therefore, Stacy would have to wait until the following year to participate (i.e., the first year for which the 60-day period could include the day she became an eligible employee for that year or the day before). In all cases, the salary reduction agreement should become effective as soon as practical after receipt by the employer (or, if later, the date specified by the employee in the salary reduction agreement), but any election made by the eligible employee may be modified prospectively at any time during the 60-day period. Hope this helps. simpleplan_lrm.pdf

It is a yearly determination as to whether it is "maintained;" so no. A more interesting question might be what happens if the organization ceased to be a non profit. Arguably, it could be resurrected. Should the plan be adopted by the non-eligible employer for such an eventuality. Just speculating.

I don't think the employer has much choice. The employees should hire an "ERISA attorney" familiar with the EPCRS and SIMPLE IRA plans. There are a few! The attorney will force their hand. It could even be done anonymously. A complaint (this strong) to the EBSA would surely be looked into. Now, if an audit comes before the fix, there could be sanctions that could add many thousands of dollars. I say "intentional." Employer may need a criminal attorney before this is all over. Suggest it gets fixed fast. The only alternative would be to treat all contributions as excess contributions. The cost of not fixing this (interest and penalties) could actually be higher than the restoration. But, then, there may be state law considerations (back to square one). Hope this helps.

I am not too sure that the EPCRS 1099-R approach is appropriate given the abundance of Code fixes available. Since a SEP is statutorily required to have a written allocation formula, and because the 25 percent limit must be in the plan, if a contribution exceeds “25% of a participant’s compensation, the entire arrangement will be in non-compliance for the year.” [I.R.M. § 4.72.17.7.1, item 2, Contribution Limits (Oct. 28, 2018). The IRS has a procedures for IRA-based plans found to be in non-compliance and not resolved through a closing agreement. [I.R.M. § 4.71.17.6.1] So, in addition to the cumulative 6 percent tax, 72(t) tax, amended 1040s, there may be (is) a 10 percent tax on nondeductible employer contributions. Although the "excess IRA constitutions generally can be used up, is a special rule about using up amounts from a closed year (not really mentioned) in a correction year. Hope this helps.

The exception to full correction for overpayments of $100 or less applies on a participant basis. See Rev. Proc. 2019-19, Section 6.01(5)(c).