The Internal Revenue Service has released Form 4547 (Trump Account Election(s)), along with accompanying instructions. This new form enables authorized individuals to establish initial Trump accounts for eligible children and elect pilot program contributions of $1,000 from the U.S. Treasury.
Established under the One Big Beautiful Bill Act (OBBBA), Trump accounts are a new type of traditional IRA established for the exclusive benefit of children under age 18, subject to special rules during a “growth period” that ends December 31st of the year before the child turns 18. The pilot program contribution is available for U.S. citizen children born after December 31, 2024, and before January 1, 2029, who have valid Social Security numbers.
Form 4547 can be filed immediately, including with 2025 e-filed individual income tax returns. The Treasury Department will begin sending account activation information in May 2026, with online election capability expected at http://trumpaccounts.gov by mid-2026. No contributions to Trump accounts may be deposited before July 4, 2026, including the $1,000 pilot program contribution.
