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26 U.S.C. § 128 — Employer contributions to Trump accounts
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Gross income of an employee does not include amounts paid by the employer as a contribution to the Trump account of such employee or of any dependent of such employee if the amounts are paid or incurred pursuant to a program which is described in subsection (c).
**(b) Limitation**
(1) **In general** — The amount which may be excluded under subsection (a) with respect to any employee shall not exceed $2,500.
(2) **Inflation adjustment**
(A) *In general* — In the case of any taxable year beginning after 2027, the $2,500 amount in paragraph (1) shall be increased by an amount equal to—
(i) such dollar amount, multiplied by
(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2026” for “calendar year 2016” in subparagraph (A)(ii) thereof.
(B) *Rounding* — If any increase determined under subparagraph (A) is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.
**(c) Trump account contribution program** For purposes of this section, a Trump account contribution program is a separate written plan of an employer for the exclusive benefit of his employees to provide contributions to the Trump accounts of such employees or dependents of such employees which meets requirements similar to the requirements of paragraphs (2), (3), (6), (7), and (8) of section 129(d).
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Stable record: federal_law:legal_authorities:record_usc_10c429cb3eb7975265605420
Source file: Laws/federal/codes/united-states-code/title-26/section-128-employer-contributions-to-trump-accounts--13931e757d.md
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Source location: Title 26, Chapter 1, § 128; chapter-001-normal-taxes-and-surtaxes.md
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**(a) In general** Gross income of an employee does not include amounts paid by the employer as a contribution to the Trump account of such employee or of any dependent of such employee if the amounts are paid or incurred pursuant to a program which is described in subsection (c).
**(b) Limitation**
(1) **In general** — The amount which may be excluded under subsection (a) with respect to any employee shall not exceed $2,500.
(2) **Inflation adjustment**
(A) *In general* — In the case of any taxable year beginning after 2027, the $2,500 amount in paragraph (1) shall be increased by an amount equal to—
(i) such dollar amount, multiplied by
(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting “calendar year 2026” for “calendar year 2016” in subparagraph (A)(ii) thereof.
(B) *Rounding* — If any increase determined under subparagraph (A) is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100.
**(c) Trump account contribution program** For purposes of this section, a Trump account contribution program is a separate written plan of an employer for the exclusive benefit of his employees to provide contributions to the Trump accounts of such employees or dependents of such employees which meets requirements similar to the requirements of paragraphs (2), (3), (6), (7), and (8) of section 129(d).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** For exemption of—
(1) Allowances and expenditures to meet losses sustained by persons serving the United States abroad, due to appreciation of foreign currencies, see [section 5943 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5943&num=0&edition=prelim), United States Code.
(2) Benefits under laws administered by the Department of Veterans Affairs, see [section 5301 of title 38](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section5301&num=0&edition=prelim), United States Code.
(3) Earnings of ship contractors deposited in special reserve funds, see [section 53507 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53507&num=0&edition=prelim), United States Code.
(4) Income derived from Federal Reserve banks, including capital stock and surplus, see section 7 of the Federal Reserve Act ([12 U.S.C. 531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section531&num=0&edition=prelim)).
(5) Special pensions of persons on Army and Navy medal of honor roll, see [38 U.S.C. 1562(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1562/a&num=0&edition=prelim)–(c).
**(b)** For extension of military income tax-exemption benefits to commissioned officers of Public Health Service in certain circumstances, see section 212 of the Public Health Service Act ([42 U.S.C. 213](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section213&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 140
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Gross income of an account beneficiary shall not include any qualified general contribution to a Trump account of the account beneficiary.
**(b) Definitions** Any term used in this section which is used in section 530A shall have the meaning given such term under section 530A.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 139J
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** No deduction shall be allowed for—
(1) **Expenses** — Any amount otherwise allowable as a deduction which is allocable to one or more classes of income other than interest (whether or not any amount of income of that class or classes is received or accrued) wholly exempt from the taxes imposed by this subtitle, or any amount otherwise allowable under section 212 (relating to expenses for production of income) which is allocable to interest (whether or not any amount of such interest is received or accrued) wholly exempt from the taxes imposed by this subtitle.
(2) **Interest** — Interest on indebtedness incurred or continued to purchase or carry obligations the interest on which is wholly exempt from the taxes imposed by this subtitle.
(3) **Certain regulated investment companies** — In the case of a regulated investment company which distributes during the taxable year an exempt-interest dividend (including exempt-interest dividends paid after the close of the taxable year as described in section 855), that portion of any amount otherwise allowable as a deduction which the amount of the income of such company wholly exempt from taxes under this subtitle bears to the total of such exempt income and its gross income (excluding from gross income, for this purpose, capital gain net income, as defined in section 1222(9)).
(4) **Interest related to exempt-interest dividends** — Interest on indebtedness incurred or continued to purchase or carry shares of stock of a regulated investment company which during the taxable year of the holder thereof distributes exempt-interest dividends.
(5) **Special rules for application of paragraph (2) in the case of short sales** — For purposes of paragraph (2)—
(A) *In general* — The term “interest” includes any
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 265
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Tax imposed** In the case of—
(1) an individual retirement account (within the meaning of section 408(a)),
(2) an Archer MSA (within the meaning of section 220(d)),
(3) an individual retirement annuity (within the meaning of section 408(b)), a custodial account treated as an annuity contract under section 403(b)(7)(A) (relating to custodial accounts for regulated investment company stock),
(4) a Coverdell education savings account (as defined in section 530),
(5) a health savings account (within the meaning of section 223(d)), or
(6) an ABLE account (within the meaning of section 529A),
there is imposed for each taxable year a tax in an amount equal to 6 percent of the amount of the excess contributions to such individual’s accounts or annuities (determined as of the close of the taxable year). The amount of such tax for any taxable year shall not exceed 6 percent of the value of the account or annuity (determined as of the close of the taxable year). In the case of an endowment contract described in section 408(b), the tax imposed by this section does not apply to any amount allocable to life, health, accident, or other insurance under such contract. The tax imposed by this subsection shall be paid by such individual.
**(b) Excess contributions** For purposes of this section, in the case of individual retirement accounts or individual retirement annuities, the term “excess contributions” means the sum of—
(1) the excess (if any) of—
(A) the amount contributed for the taxable year to the accounts or for the annuities (other than a contribution to a Roth IRA or a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16)), over
(B) the amount allowable as a deduction under section 219 for such contributions, and
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 4973
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A qualified ABLE program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
**(b) Qualified ABLE program** For purposes of this section—
(1) **In general** — The term “qualified ABLE program” means a program established and maintained by a State, or agency or instrumentality thereof—
(A) under which a person may make contributions for a taxable year, for the benefit of an individual who is an eligible individual for such taxable year, to an ABLE account which is established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account,
(B) which limits a designated beneficiary to 1 ABLE account for purposes of this section, and
(C) which meets the other requirements of this section.
(2) **Cash contributions** — A program shall not be treated as a qualified ABLE program unless it provides that no contribution will be accepted—
(A) unless it is in cash, or
(B) except in the case of contributions under subsection (c)(1)(C) or received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B), if such contribution to an ABLE account would result in aggregate contributions from all contributors to the ABLE account for the taxable year exceeding the sum of—
(i) the amount in effect under section 2503(b) (determined by substituting “1996” for “1997” in paragraph (2)(B) thereof) for the calendar year in which the taxable year begins, plus
(ii) in the case of any contribution by a designated beneficiary described in paragraph (7), the lesser of—
(I) compensation (as def
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529A
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as provided in this section or under regulations or guidance established by the Secretary, a Trump account shall be treated for purposes of this title in the same manner as an individual retirement account under section 408(a).
**(b) Trump account** For purposes of this section—
(1) **In general** — The term “Trump account” means an individual retirement account (as defined in section 408(a)) which is not designated as a Roth IRA and which meets the following requirements:
(A) The account—
(i) is created or organized by the Secretary for the exclusive benefit of an eligible individual or such eligible individual’s beneficiaries, or
(ii) is—
(I) created or organized in the United States for the exclusive benefit of an individual who has not attained the age of 18 before the end of the calendar year, or such individual’s beneficiaries, and
(II) funded by a qualified rollover contribution.
(B) The account is designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the account as a Trump account.
(C) The written governing instrument creating the account meets the following requirements:
(i) No contribution will be accepted—
(I) before the date that is 12 months after the date of the enactment of this section, or
(II) in the case of a contribution made in any calendar year before the calendar year in which the account beneficiary attains age 18, if such contribution would result in aggregate contributions (other than exempt contributions) for such calendar year in excess of the contribution limit specified in subsection (c)(2)(A).
(ii) Except as provided in subsection (d), no distribution will be allowed before the first day of the calendar year in w
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 530A
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Time for filing petition and restriction on assessment** Within 90 days, or 150 days if the notice is addressed to a person outside the United States, after the notice of deficiency authorized in section 6212 is mailed (not counting Saturday, Sunday, or a legal holiday in the District of Columbia as the last day), the taxpayer may file a petition with the Tax Court for a redetermination of the deficiency. Except as otherwise provided in section 6851, 6852, or 6861 no assessment of a deficiency in respect of any tax imposed by subtitle A, or B, chapter 41, 42, 43, or 44 and no levy or proceeding in court for its collection shall be made, begun, or prosecuted until such notice has been mailed to the taxpayer, nor until the expiration of such 90-day or 150-day period, as the case may be, nor, if a petition has been filed with the Tax Court, until the decision of the Tax Court has become final. Notwithstanding the provisions of section 7421(a), the making of such assessment or the beginning of such proceeding or levy during the time such prohibition is in force may be enjoined by a proceeding in the proper court, including the Tax Court, and a refund may be ordered by such court of any amount collected within the period during which the Secretary is prohibited from collecting by levy or through a proceeding in court under the provisions of this subsection. The Tax Court shall have no jurisdiction to enjoin any action or proceeding or order any refund under this subsection unless a timely petition for a redetermination of the deficiency has been filed and then only in respect of the deficiency that is the subject of such petition. Any petition filed with the Tax Court on or before the last date specified for filing such petition by the Secretary in the notice of defici
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6213
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the case of an individual who makes an election under this section with respect to an eligible child of the individual, such eligible child shall be treated as making a payment against the tax imposed by subtitle A (for the taxable year for which the election was made) in an amount equal to $1,000.
**(b) Refund of payment** The amount treated as a payment under subsection (a) shall be paid by the Secretary to the Trump account with respect to which such eligible child is the account beneficiary.
**(c) Eligible child** For purposes of this section, the term “eligible child” means a qualifying child (as defined in section 152(c))—
(1) who is born after December 31, 2024, and before January 1, 2029,
(2) with respect to whom no prior election has been made under this section by such individual or any other individual, and
(3) who is a United States citizen.
**(d) Election** An election under this section shall be made at such time and in such manner as the Secretary shall provide.
**(e) Social security number required**
(1) **In general** — This section shall not apply to any taxpayer unless such individual includes with the election made under this section the social security number of the eligible child with respect to whom the election is made.
(2) **Social security number defined** — For purposes of paragraph (1), the term “social security number” shall have the meaning given such term in section 24(h)(7), determined by substituting “before the date of the election made under section 6434” for “before the due date of 11 So in original. Probably should be “for”. such return” in subparagraph (B) thereof.
**(f) Exception from reduction or offset** Any payment made to any individual under this section shall not be—
(1) subject to reduction o
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6434
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the case of any individual who makes an election under section 6434 with respect to an individual who is not an eligible child of the taxpayer—
(1) if such election was made due to negligence or disregard of the rules or regulations, there shall be imposed a penalty of $500, or
(2) if such election was made due to fraud, there shall be imposed a penalty of $1,000.
**(b) Definitions**
(1) **Eligible child** — The term “eligible child” has the meaning given such term under section 6434.
(2) **Negligence; disregard** — The terms “negligence” and “disregard” have the same meaning as when such terms are used in section 6662.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6659
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reports**
(1) **In general** — If a person required to file a report under a provision referred to in paragraph (2) fails to file such report at the time and in the manner required by such provision, such person shall pay a penalty of $50 for each failure unless it is shown that such failure is due to reasonable cause.
(2) **Provisions** — The provisions referred to in this paragraph are—
(A) subsections (i) and (l) of section 408 (relating to individual retirement plans),
(B) section 220(h) (relating to Archer MSAs),
(C) section 223(h) (relating to health savings accounts),
(D) section 529(d) (relating to qualified tuition programs),
(E) section 529A(d) (relating to qualified ABLE programs),
(F) section 530(h) (relating to Coverdell education savings accounts), and
(G) section 530A(i) (relating to Trump accounts).
This subsection shall not apply to any report which is an information return described in section 6724(d)(1)(C)(i) or a payee statement described in section 6724(d)(2)(X).
**(b) Penalties relating to nondeductible contributions**
(1) **Overstatement of designated nondeductible contributions** — Any individual who—
(A) is required to furnish information under section 408(o)(4) as to the amount of designated nondeductible contributions made for any taxable year, and
(B) overstates the amount of such contributions made for such taxable year,
shall pay a penalty of $100 for each such overstatement unless it is shown that such overstatement is due to reasonable cause.
(2) **Failure to file form** — Any individual who fails to file a form required to be filed by the Secretary under section 408(o)(4) shall pay a penalty of $50 for each such failure unless it is shown that such failure is due to reasonable cause.
**(c) Penalti
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6693
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