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ITG ResourcesUseful Links |
Taxpayers can now view and submit Trump Account elections in their IRS Individual Account The Internal Revenue Service announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including:
“These new features reflect our continued focus on transforming the IRS into a digital-first agency that delivers a faster, more seamless experience for taxpayers and provides a new tax-advantaged investment account for children to save for college, retirement, and building generational wealth,” said IRS Chief Executive Officer Frank J. Bisignano. “By expanding the IRS Individual Account to include this new status, we are providing taxpayers with this tool in addition to features for managing their tax accounts, tracking important transactions, and completing key actions quickly and securely.” Taxpayers benefit from greater transparency through real-time visibility into the Trump Account election process. Electronic submissions also improve accuracy, speed up processing times, and reduce delays associated with paper forms. Trump Account election Through the One, Big, Beautiful Bill, enacted on July 4, 2025, Trump Accounts allow parents, guardians, and other authorized individuals to establish a new type of individual retirement account for their children. An account can be established for a child who has not reached age 18 by the end of the calendar year in which the election is made and who has a valid Social Security number. A one-time $1,000 pilot program contribution from the Department of the Treasury is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number. The IRS continues to provide updates and additional information about the tax benefits under the One, Big, Beautiful Bill. For details, see One, Big, Beautiful Bill Provisions on IRS.gov. For more information about Trump Accounts, visit trumpaccounts.gov. The tribal community can find answers to many questions on IRS.gov/tribes. If you have a question on any tribal tax matter, please visit Contact ITG. For the latest tribal news, connect via IRS Social Media and subscribe to this and other IRS newsletters. RECEIVE TEXT MESSAGES FROM THE IRS! Did you know you can now receive IRS bulletins directly on your mobile phone? Stay informed wherever you are with convenient text message updates. Some IRS topics like IRS Newswire and QuickAlerts are available for text subscription, giving you faster access to important information through a new, easy-to-use communication channel. Additional topics will be added throughout the year, expanding the information you can receive by text. Opt-in today to start receiving IRS text message bulletins and stay connected on the go. This message was distributed automatically from the Indian Tribal Governments News mailing list. Please do not reply to this message. |
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