Must Trump Account Donors File Gift Tax Returns? Here’s The IRS Answer
Key takeaways
- Taxes Editors' Pick Must Trump Account Donors File Gift Tax Returns?
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- The guidance, issued as a revenue procedure, makes clear that many individual donors will not have to file gift tax returns merely because they contribute to Trump accounts.
Taxes Editors' Pick Must Trump Account Donors File Gift Tax Returns? Here’s The IRS Answer With contributions set to begin July 4, new IRS guidance gives qualifying individual donors a path to avoid filing a gift tax return. The IRS hopes to avoid an avalanche of unnecessary forms. By Kelly Phillips Erb,
--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.New IRS guidance will save many parents the hassle of filing gift tax returns merely because they contribute to Trump accounts.gettyBeginning July 4, taxpayers may begin making contributions to Trump accounts, the new child-focused savings vehicle created under Code section 530A as part of the One Big Beautiful Bill Act (OBBBA). Ahead of that start date, the IRS has issued guidance to answer a question for donors: Will those contributions trigger a gift tax return filing requirement?
The guidance, issued as a revenue procedure, makes clear that many individual donors will not have to file gift tax returns merely because they contribute to Trump accounts.