Letter to the IRS on the Trump Account Pilot Program

To Whom it May Concern:

The American Bankers Association (ABA) appreciates the opportunity to respond to a proposed rulemaking by the Internal Revenue Service (IRS) concerning individual retirement accounts (IRAs) established for the exclusive benefit of an eligible individual or the individual’s beneficiaries under section 530A of the Internal Revenue Code (Trump accounts). Specifically, the rulemaking concerns the contribution pilot program under which the Trump accounts of eligible children can receive $1,000 pilot program contributions (Pilot Contribution Proposal). We note that pilot program elections can be made up until December 31st of the calendar year in which an eligible child reaches age seventeen.

Our members support additional avenues for providing financial education, saving money, and building long-term financial security for children and teenagers. We believe Trump accounts are an important tool to support long-term wealth building for future generations within local communities.

We recommend that the IRS clarify when and how a $1,000 pilot program contribution could be made to a rollover Trump account.

Download the comment letter to read the full text.