diff --git a/chain/gen/gen.go b/chain/gen/gen.go
index d86b00ce1..f9bf90bfd 100644
--- a/chain/gen/gen.go
+++ b/chain/gen/gen.go
@@ -107,6 +107,17 @@ var DefaultVerifregRootkeyActor = genesis.Actor{
 	Meta:    rootkeyMultisig.ActorMeta(),
 }
 
+var remAccTestKey, _ = address.NewFromString("t1ceb34gnsc6qk5dt6n7xg6ycwzasjhbxm3iylkiy")
+var remAccMeta = genesis.AccountMeta{
+	Owner: remAccTestKey,
+}
+
+var DefaultRemainderAccountActor = genesis.Actor{
+	Type:    genesis.TAccount,
+	Balance: big.NewInt(0),
+	Meta:    remAccMeta.ActorMeta(),
+}
+
 func NewGeneratorWithSectors(numSectors int) (*ChainGen, error) {
 	saminer.SupportedProofTypes = map[abi.RegisteredSealProof]struct{}{
 		abi.RegisteredSealProof_StackedDrg2KiBV1: {},
@@ -210,9 +221,10 @@ func NewGeneratorWithSectors(numSectors int) (*ChainGen, error) {
 			*genm1,
 			*genm2,
 		},
-		VerifregRootKey: DefaultVerifregRootkeyActor,
-		NetworkName:     "",
-		Timestamp:       uint64(build.Clock.Now().Add(-500 * time.Duration(build.BlockDelaySecs) * time.Second).Unix()),
+		VerifregRootKey:  DefaultVerifregRootkeyActor,
+		RemainderAccount: DefaultRemainderAccountActor,
+		NetworkName:      "",
+		Timestamp:        uint64(build.Clock.Now().Add(-500 * time.Duration(build.BlockDelaySecs) * time.Second).Unix()),
 	}
 
 	genb, err := genesis2.MakeGenesisBlock(context.TODO(), bs, sys, tpl)
diff --git a/chain/gen/genesis/genesis.go b/chain/gen/genesis/genesis.go
index 2bc8ec27d..d779c5820 100644
--- a/chain/gen/genesis/genesis.go
+++ b/chain/gen/genesis/genesis.go
@@ -3,6 +3,7 @@ package genesis
 import (
 	"context"
 	"encoding/json"
+	"fmt"
 
 	"github.com/ipfs/go-cid"
 	"github.com/ipfs/go-datastore"
@@ -258,11 +259,47 @@ func MakeInitialStateTree(ctx context.Context, bs bstore.Blockstore, template ge
 		Balance: types.NewInt(0),
 		Head:    verifierState,
 	})
-
 	if err != nil {
 		return nil, nil, xerrors.Errorf("setting account from actmap: %w", err)
 	}
 
+	totalFilAllocated := big.Zero()
+
+	// flush as ForEach works on the HAMT
+	if _, err := state.Flush(ctx); err != nil {
+		return nil, nil, err
+	}
+	err = state.ForEach(func(addr address.Address, act *types.Actor) error {
+		totalFilAllocated = big.Add(totalFilAllocated, act.Balance)
+		return nil
+	})
+	if err != nil {
+		return nil, nil, xerrors.Errorf("summing account balances in state tree: %w", err)
+	}
+
+	totalFil := big.Mul(big.NewInt(int64(build.FilBase)), big.NewInt(int64(build.FilecoinPrecision)))
+	remainingFil := big.Sub(totalFil, totalFilAllocated)
+	if remainingFil.Sign() < 0 {
+		return nil, nil, xerrors.Errorf("somehow overallocated filecoin (allocated = %s)", types.FIL(totalFilAllocated))
+	}
+
+	remAccKey, err := address.NewIDAddress(90)
+	if err != nil {
+		return nil, nil, err
+	}
+
+	if err := createAccount(ctx, bs, cst, state, remAccKey, template.RemainderAccount); err != nil {
+		return nil, nil, err
+	}
+	err = state.SetActor(remAccKey, &types.Actor{
+		Code:    builtin.AccountActorCodeID,
+		Balance: remainingFil,
+		Head:    emptyobject,
+	})
+	if err != nil {
+		return nil, nil, xerrors.Errorf("set burnt funds account actor: %w", err)
+	}
+
 	return state, keyIDs, nil
 }
 
@@ -284,6 +321,7 @@ func createAccount(ctx context.Context, bs bstore.Blockstore, cst cbor.IpldStore
 		if err != nil {
 			return xerrors.Errorf("setting account from actmap: %w", err)
 		}
+		return nil
 	} else if info.Type == genesis.TMultisig {
 		var ainfo genesis.MultisigMeta
 		if err := json.Unmarshal(info.Meta, &ainfo); err != nil {
@@ -313,9 +351,10 @@ func createAccount(ctx context.Context, bs bstore.Blockstore, cst cbor.IpldStore
 		if err != nil {
 			return xerrors.Errorf("setting account from actmap: %w", err)
 		}
+		return nil
 	}
 
-	return nil
+	return fmt.Errorf("failed to create account")
 }
 
 func VerifyPreSealedData(ctx context.Context, cs *store.ChainStore, stateroot cid.Cid, template genesis.Template, keyIDs map[address.Address]address.Address) (cid.Cid, error) {
diff --git a/chain/gen/genesis/t01_init.go b/chain/gen/genesis/t01_init.go
index 3cf0d66be..c3708329b 100644
--- a/chain/gen/genesis/t01_init.go
+++ b/chain/gen/genesis/t01_init.go
@@ -4,6 +4,7 @@ import (
 	"context"
 	"encoding/json"
 	"fmt"
+
 	"github.com/filecoin-project/go-address"
 
 	"github.com/filecoin-project/specs-actors/actors/builtin"
diff --git a/chain/stmgr/stmgr.go b/chain/stmgr/stmgr.go
index 4a258f10f..55b562231 100644
--- a/chain/stmgr/stmgr.go
+++ b/chain/stmgr/stmgr.go
@@ -851,6 +851,7 @@ func (sm *StateManager) setupGenesisActors(ctx context.Context) error {
 			}
 
 		} else if act.Code == builtin.AccountActorCodeID {
+			// should exclude burnt funds actor and "remainder account actor"
 			// should only ever be "faucet" accounts in testnets
 			kaddr, err := address.NewFromBytes([]byte(k))
 			if err != nil {
diff --git a/cmd/lotus-seed/genesis.go b/cmd/lotus-seed/genesis.go
index 3a9545d2d..f2bff4d6e 100644
--- a/cmd/lotus-seed/genesis.go
+++ b/cmd/lotus-seed/genesis.go
@@ -48,10 +48,11 @@ var genesisNewCmd = &cli.Command{
 			return xerrors.New("seed genesis new [genesis.json]")
 		}
 		out := genesis.Template{
-			Accounts:        []genesis.Actor{},
-			Miners:          []genesis.Miner{},
-			VerifregRootKey: gen.DefaultVerifregRootkeyActor,
-			NetworkName:     cctx.String("network-name"),
+			Accounts:         []genesis.Actor{},
+			Miners:           []genesis.Miner{},
+			VerifregRootKey:  gen.DefaultVerifregRootkeyActor,
+			RemainderAccount: gen.DefaultRemainderAccountActor,
+			NetworkName:      cctx.String("network-name"),
 		}
 		if out.NetworkName == "" {
 			out.NetworkName = "localnet-" + uuid.New().String()
diff --git a/genesis/types.go b/genesis/types.go
index 7d401fd0e..468a09067 100644
--- a/genesis/types.go
+++ b/genesis/types.go
@@ -79,5 +79,6 @@ type Template struct {
 	NetworkName string
 	Timestamp   uint64 `json:",omitempty"`
 
-	VerifregRootKey Actor
+	VerifregRootKey  Actor
+	RemainderAccount Actor
 }
diff --git a/node/node_test.go b/node/node_test.go
index 770ce1f5b..102fcc912 100644
--- a/node/node_test.go
+++ b/node/node_test.go
@@ -212,10 +212,11 @@ func builder(t *testing.T, nFull int, storage []test.StorageMiner) ([]test.TestN
 		genms = append(genms, *genm)
 	}
 	templ := &genesis.Template{
-		Accounts:        genaccs,
-		Miners:          genms,
-		Timestamp:       uint64(time.Now().Unix() - 10000), // some time sufficiently far in the past
-		VerifregRootKey: gen.DefaultVerifregRootkeyActor,
+		Accounts:         genaccs,
+		Miners:           genms,
+		Timestamp:        uint64(time.Now().Unix() - 10000), // some time sufficiently far in the past
+		VerifregRootKey:  gen.DefaultVerifregRootkeyActor,
+		RemainderAccount: gen.DefaultRemainderAccountActor,
 	}
 
 	// END PRESEAL SECTION
@@ -351,7 +352,7 @@ func mockSbBuilder(t *testing.T, nFull int, storage []test.StorageMiner) ([]test
 
 		genaccs = append(genaccs, genesis.Actor{
 			Type:    genesis.TAccount,
-			Balance: big.Mul(big.NewInt(400_000_000_000), types.NewInt(build.FilecoinPrecision)),
+			Balance: big.Mul(big.NewInt(400_000_000), types.NewInt(build.FilecoinPrecision)),
 			Meta:    (&genesis.AccountMeta{Owner: wk.Address}).ActorMeta(),
 		})
 
@@ -362,10 +363,11 @@ func mockSbBuilder(t *testing.T, nFull int, storage []test.StorageMiner) ([]test
 		genms = append(genms, *genm)
 	}
 	templ := &genesis.Template{
-		Accounts:        genaccs,
-		Miners:          genms,
-		Timestamp:       uint64(time.Now().Unix()) - (build.BlockDelaySecs * 20000),
-		VerifregRootKey: gen.DefaultVerifregRootkeyActor,
+		Accounts:         genaccs,
+		Miners:           genms,
+		Timestamp:        uint64(time.Now().Unix()) - (build.BlockDelaySecs * 20000),
+		VerifregRootKey:  gen.DefaultVerifregRootkeyActor,
+		RemainderAccount: gen.DefaultRemainderAccountActor,
 	}
 
 	// END PRESEAL SECTION