Adds new section 6434 to Subchapter B (Chapter 65) establishing the 'MAGA accounts contribution pilot program' which provides a one-time $1,000 credit per eligible individual (born after 12/31/2024 and before 1/1/2029, U.S. citizen at birth), requires SSNs on returns, authorizes the Secretary to establish MAGA accounts and select default trustees, and defines related terms.

Adds new section 6659 to Part I of Subchapter A of Chapter 68 (Subtitle F) creating penalties for improper claims of the MAGA account contribution pilot program credit: $500 for claims excessive due to negligence or disregard, and $1,000 for claims excessive due to fraud.

Amends 26 U.S.C. 6213(g)(2) by inserting a new subparagraph (W) to treat omission of a correct social security number required under section 6434(d)(1) as a mathematical or clerical error for purposes of exceptions to restrictions on assessment.

Adds a new paragraph (12) to subsection (h) treating distributions from MAGA accounts as net capital gain (increasing net capital gain by amounts includible under section 530A(d)(2)).

Adds MAGA accounts to the list of accounts subject to the tax on excess contributions (inserting a new paragraph (7) in subsection (a)), and adds a new subsection (i) defining 'excess contributions' for MAGA accounts.

Adds a new paragraph (23) to subsection (l) authorizing the Secretary, upon written request signed by the head of a bureau or office of the Department of the Treasury, to disclose specified return information to officers and employees of that bureau or office as necessary to carry out section 530A(l) relating to MAGA accounts; lists specific categories of return information that may be disclosed.

Amends the list of provisions for which failure to file required reports triggers penalties by adding section 530A(h) (relating to MAGA accounts) as a new subparagraph (G) under subsection (a)(2).