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26 U.S.C. § 6659 — Improper claim for Trump account contribution pilot program credit
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.
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Stable record: federal_law:legal_authorities:record_usc_7b6ab85fd506eacbed0ef289
Source file: Laws/federal/codes/united-states-code/title-26/section-6659-improper-claim-for-trump-account-contribution-pilot-program-credit--1b7f57e3f3.md
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Source location: Title 26, Chapter 68, § 6659; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
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**(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.
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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).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 128
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of penalty** If this section applies to any portion of an underpayment of tax required to be shown on a return, there shall be added to the tax an amount equal to 20 percent of the portion of the underpayment to which this section applies.
**(b) Portion of underpayment to which section applies** This section shall apply to the portion of any underpayment which is attributable to 1 or more of the following:
(1) Negligence or disregard of rules or regulations.
(2) Any substantial understatement of income tax.
(3) Any substantial valuation misstatement under chapter 1.
(4) Any substantial overstatement of pension liabilities.
(5) Any substantial estate or gift tax valuation understatement.
(6) Any disallowance of claimed tax benefits by reason of a transaction lacking economic substance (within the meaning of section 7701(o)) or failing to meet the requirements of any similar rule of law.
(7) Any undisclosed foreign financial asset understatement.
(8) Any inconsistent estate basis.
(9) Any overstatement of the deduction provided in section 170(p).
(10) Any disallowance of a deduction by reason of section 170(h)(7).
This section shall not apply to any portion of an underpayment on which a penalty is imposed under section 6663. Except as provided in paragraph (1) or (2)(B) of section 6662A(e), this section shall not apply to the portion of any underpayment which is attributable to a reportable transaction understatement on which a penalty is imposed under section 6662A.
**(c) Negligence** For purposes of this section, the term “negligence” includes any failure to make a reasonable attempt to comply with the provisions of this title, and the term “disregard” includes any careless, reckless, or intentional disregard.
**(d) Substantial understateme
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6662
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Failure to pay tax** Whoever fails to pay any tax imposed by part I of subchapter A at the time prescribed shall, in addition to any other penalty provided in this title, be liable to a penalty of 5 percent of the tax due but unpaid.
**(b) Applicability of section 6665** The penalties imposed by subsection (a) shall be assessed, collected, and paid in the same manner as taxes, as provided in section 6665(a).
**(c) Cross references**
(1) For provisions relating to interest in the case of taxes not paid when due, see section 6601.
(2) For penalty for failure to file tax return or pay tax, see section 6651.
(3) For additional penalties for failure to pay tax, see section 6653.
(4) For penalty for failure to make deposits or for overstatement of deposits, see section 6656.
(5) For penalty for attempt to evade or defeat any tax imposed by this title, see section 7201.
(6) For penalty for willful failure to file return, supply information, or pay tax, see section 7203.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 5684
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Federal law — U.S. Code and appendices · legal_authorities
Page 3773
TITLE 26—INTERNAL REVENUE CODE
§ 6662
fore Oct. 1, 1979, see section 7(e) of Pub. L. 96–589, set
out as an Effective Date of 1980 Amendment note under
section 108 of this title.
[§§ 6659 to 6661. Repealed. Pub. L. 101–239, title
VII, § 7721(c)(2), Dec. 19, 1989, 103 Stat. 2399]
Section 6659, added Pub. L. 97–34, title VII, § 722(a)(1),
Aug. 13, 1981, 95 Stat. 341; amended Pub. L. 97–448, title
I, § 107(a)(1), (2), Jan. 12, 1983, 96 Stat. 2391; Pub. L.
98–369, div. A, title I, § 155(c)(1), title VII, § 721(x)(4),
July 18, 1984, 98 Stat. 693, 971, related to additions to
tax in case of valuation overstatements for purposes of
the income tax.
A prior section 6659 was renumbered section 6662 of
this title.
Section 6659A, added Pub. L. 99–514, title XI, § 1138(a),
Oct. 22, 1986, 100 Stat. 2486, related to additions to tax
in case of overstatements of pension liabilities.
Section 6660, added Pub. L. 98–369, div. A, title I,
§ 155(c)(2)(A), July 18, 1984, 98 Stat. 694; amended Pub. L.
99–514, title XVIII, §§ 1811(d), 1899A(57), Oct. 22, 1986, 100
Stat. 2833, 2961, related to additions to tax in case of
valuation understatements for purposes of estate or
gift taxes.
A prior section 6660 was renumbered section 6662 of
this title.
Section 6661, added Pub. L. 97–248, title III, § 323(a),
Sept. 3, 1982, 96 Stat. 613; amended Pub. L. 97–354,
§ 5(a)(42), Oct. 19, 1982, 96 Stat. 1697; Pub. L. 98–369, div.
A, title VII, § 714(h)(3), July 18, 1984, 98 Stat. 962; Pub.
L. 99–509, title VIII, § 8002(a), (c), Oct. 21, 1986, 100 Stat.
1951; Pub. L. 99–514, title XV, § 1504(a), Oct. 22, 1986, 100
Stat. 2743, related to substantial understatements of li-
ability.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF REPEAL
Repeal applicable to re
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6659
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