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139 STAT. 184 PUBLIC LAW 119–21—JULY 4, 2025 less than 5,000 account beneficiaries reside and which is designated by the Secretary as a qualified geographic area under this subparagraph. ‘‘(g) TRUSTEE SELECTION.—In the case of any Trump account created or organized by the Secretary, the Secretary shall take into account the following criteria in selecting the trustee: ‘‘(1) The history of reliability and regulatory compliance of the trustee. ‘‘(2) The customer service experience of the trustee. ‘‘(3) The costs imposed by the trustee on the account or the account beneficiary. ‘‘(h) OTHER SPECIAL RULES AND COORDINATION WITH INDI- VIDUAL RETIREMENT ACCOUNT RULES.— ‘‘(1) IN GENERAL.—The rules of subsections (k) and (p) of section 408 shall not apply to a Trump account, and the rules of subsections (d) and (i) of section 408 shall not apply to a Trump account for any taxable year beginning before the calendar year in which the account beneficiary attains age 18. ‘‘(2) CUSTODIAL ACCOUNTS.—In the case of a Trump account, section 408(h) shall be applied by substituting ‘a Trump account described in section 530A(b)(1)’ for ‘an individual retirement account described in subsection (a)’. ‘‘(3) CONTRIBUTIONS.—In the case of any taxable year begin- ning before the first day of the calendar year in which the account beneficiary attains age 18, a contribution to a Trump account shall not be taken into account in applying any con- tribution limit to any individual retirement plan other than a Trump account. ‘‘(4) DISTRIBUTIONS.—Section 408(d)(2) shall be applied separately with respect to Trump Accounts and other individual retirement plans. ‘‘(5) EXCESS CONTRIBUTIONS.—For purposes of applying sec- tion 4973(b) to a Trump account for any taxable year beginning before the first day of the calendar year in which the account beneficiary attains age 18, the term ‘excess contributions’ means the sum of— ‘‘(A) the amount by which the amount contributed to the account for the calendar year in which taxable year begins exceeds the amount permitted to be contributed to the account under subsection (c)(2), and ‘‘(B) the amount determined under this paragraph for the preceding taxable year. For purposes of this paragraph, the excess contributions for a taxable year are reduced by the distributions to which sub- section (d)(5) applies that are made during the taxable year or by the date prescribed by law (including extensions of time) for filing the account beneficiary’s return for the taxable year. ‘‘(i) REPORTS.— ‘‘(1) IN GENERAL.—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. Such reports shall include information with respect to— ‘‘(A) contributions (including the amount and source of any contribution in excess of $25 made from a person