Form 5498-TA and draft 1099s offer early read on 2027 prep
The IRS draft forms page is starting to populate with 2026 information-reporting items, including Forms 5498-TA, 5498, 1099-R, 1099-NEC, 1099-MISC, 1099-K and Publication 1099. The agency clearly reminds us that draft forms, instructions and publications should not be filed or relied on.
Several of the drafts contain real reporting-field changes, especially for tips, overtime compensation and Trump Account reporting, while Publication 1099 also signals an operational shift to the Information Returns Intake System (IRIS).
Quick take for tax pros
- Form 5498-TA is a brand new Trump Account contribution form.
- Forms 1099-NEC and 1099-MISC now add fields for cash tips, Treasury Tipped Occupation Code (TTOC) and overtime compensation.
- Form 1099-K adds cash tips and TTOC fields.
- Form 1099-R now carves out new reporting space for Trump Accounts and earnings on excess contributions.
- Publication 1099 explains that IRIS will be the only intake system beginning with tax year 2026 and filing season 2027.
Changes in the new draft forms
Form 5498-TA is the newbie in the group.
➙2026 Draft Form 5498-TA, Trump Account Contribution Information
It reports Trump Account contribution information, including pilot program and qualified general contributions, qualified rollover contributions, §128 employer contributions, other contributions, basis, or investment in the contract and fair market value.
By contrast, Form 5498 has fewer updates on its face.
➙2026 Draft Form 5498, IRA Contribution Information
The biggest visible shift is the separated address-field format that Publication 1099 calls out for revised 2026 forms.
The clearest substantive changes are in Form 1099-NEC and Form 1099-MISC.
➙2026 Draft Form 1099-NEC, Nonemployee Compensation
The 2026 draft of Form 1099-NEC adds Box 1b for cash tips, Box 1c for TTOC and Box 1d for overtime compensation.
The recipient instructions say the cash-tip amount is used in determining the qualified tip deduction, and the overtime amount is used in determining the qualified overtime compensation deduction on Part III of Schedule 1-A.
The draft of Form 1099-MISC does the same in a different location.
➙2026 Draft Form 1099-MISC, Miscellaneous Information
It adds Box 13a for cash tips, Box 13b for TTOC and Box 14 for overtime compensation and moves nonqualified deferred compensation to Box 15.
The recipient instructions tie those new amounts to the qualified tip deduction and qualified overtime compensation deduction.
Form 1099-K is narrower but still changed.
➙2026 Draft Form 1099-K, Payment Card and Third Party Network Transactions
The draft adds Box 1c for cash tips and Box 1d for TTOC, and the recipient language points those fields to the qualified tip deduction.
On the retirement side, Form 1099-R now breaks out Box 7 more specifically.
The 2025 version showed distribution code(s) and the IRA/SEP/SIMPLE checkbox.
The 2026 draft adds Box 7c to mark as Trump Account and Box 7d for earnings amounts on excess contributions.
Publication 1099 flags broader operational changes for 2027 filing prep.
➙2026 Draft Publication 1099, General Instructions for Certain Information Returns
It reveals separated address fields on revised 2026 forms.
It also iterates a systems change, with IRIS becoming the sole intake system for tax year 2026 returns filed in 2027 as the Filing Information Returns Electronically (FIRE) system is retired.
These drafts are worth watching
The draft forms show where reporting demands may expand for 2026 forms filed in 2027, especially for tips, overtime compensation and Trump Account reporting. They also point to a filing-process change many firms will need to plan for, as IRIS replaces FIRE.
Start identifying where your workflows, including client intake questions and year-end prep, may need more attention once final forms and instructions are released.
About the author(s)
NATP Staff