Treasury has automatically established Trump Accounts for eligible children, changing the process families originally expected to follow through Form 4547. Learn how claiming an account works, why the $1,000 federal contribution still requires separate action, and how family, employer, and charitable contributions are treated.

Section 1062 allows qualifying farmland sellers to spread the federal income tax attributable to certain sales over four annual payments. New proposed regulations explain the 10 year farm use test, qualified farmer requirement, required covenant, filing rules, Section 453 interaction, and other planning considerations. California does not conform to the federal election.

Beginning in 2027, qualifying scholarship donations can generate a dollar for dollar federal tax credit. New Treasury rules may allow married couples filing jointly to claim up to $3,400.