The trustee must report on the account and on rollovers within 30 days
What the document says“The trustee of a Trump account shall make such reports regarding such account to the Secretary and to the beneficiary of the account at such time and in such manner as may be required by the Secretary.”
The section requires the trustee to report to the Secretary and the beneficiary on contributions, including the amount and source of any contribution over $25 from someone other than the Secretary, the beneficiary or a parent or legal guardian, on distributions including rollovers, on the fair market value of the account, on the investment in the contract, and on anything else the Secretary requires. Within 30 days of a qualified rollover contribution the trustee must report the beneficiary's name, address and social security number, its own name and address, the account number, its routing number and anything else required. The duty stops after the calendar year the beneficiary turns 17. Failure to report is added to the penalty list in section 6693(a)(2).
What the document actually says“The trustee of a Trump account shall make such reports regarding such account to the Secretary and to the beneficiary of the account at such time and in such manner as may be required by the Secretary.”
The trustee must report on the account. Reports go to the Secretary and to the child. The Secretary sets when and how.
The report covers money in, money out and the value. A gift over $25 from an outsider must be named. A rollover must be reported within 30 days.
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