United States Financial Glossary

The official cancellation or reduction of an IRS-assessed penalty, interest charge, or fee: removing it from the taxpayer's account balance.

The after-tax individual contributions to a Trump Account that can be withdrawn tax-free in retirement, as distinct from the taxable government seed, employer match, and growth.

A one-time $1,000 deposit from the U.S. government into a Trump Account for children born between January 1, 2025 and December 31, 2028.

The official IRS form used to request a refund of overpaid penalties, interest, or fees, or to request abatement of assessments not yet paid.

The locked phase from account opening until December 31 of the year the child turns 17, during which no withdrawals or loans are permitted.

A formal filing with the IRS that preserves a taxpayer's right to a refund while the legal basis for that refund is pending resolution in court.

W-2 tip income eligible for a federal income tax deduction of up to $25,000 under the One Big Beautiful Bill Act, effective for tax years 2025 through 2028.

The overtime premium (the extra half in time-and-a-half pay) that W-2 employees can deduct from federal income tax, capped at $12,500 for single filers under the OBBBA.

A Section 530A tax-advantaged investment account for U.S. children under 18, created by the One Big Beautiful Bill Act in 2025.