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IRS says Trump Account contributions will not trigger annual gift tax reporting requirements
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- Contributions to Trump Accounts will not be subject to gift tax reporting under the safe harbor rules, according to guidance issued Monday by the U.S.
- As a result, parents, guardians, grandparents and others can contribute up to $5,000 a year in after-tax dollars to a Trump Account and they will not be required to file a gift tax return.
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Contributions to Trump Accounts will not be subject to gift tax reporting under the safe harbor rules, according to guidance issued Monday by the U.S. Department of the Treasury and the Internal Revenue Service.
As a result, parents, guardians, grandparents and others can contribute up to $5,000 a year in after-tax dollars to a Trump Account and they will not be required to file a gift tax return.
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