Introducing IRS Form 4547 a.k.a Trump Account

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Parents Take Note – You Can Sign Up for the Trump Account

The IRS has released Form 4547, allowing parents to register eligible children for Trump Accounts when filing 2025 tax returns. Parents can now elect to open Trump accounts, while parents of newborns can opt in to seed money.

The main feature of these accounts—the ability to contribute money—won’t begin until later in 2026, taxpayers can opt in now by making an election with their 2025 tax return.

Taxpayers will make the election using Form 4547, available at About-form-4547 The form has two functions-to allow an authorized individual to elect to open an initial Trump Account for a qualifying child and to signify with a separate election to request the $1,000 federal pilot program contribution, if the child is eligible.

That second part is extremely important. If a taxpayer wants the pilot contribution, they must affirmatively request it by checking the appropriate box. Simply opening the account does not trigger the $1,000 deposit. Also Form 4547 allows elections for up to two children on a single form. Taxpayers with more than two qualifying children can file additional forms as needed.

Who Is Eligible for the Trump Accounts?

If you’re planning to file Form 4547 with your 2025 tax return, be sure you can answer yes to the following:

• The child is under age 18 and has a valid Social Security number;
• You qualify as an authorized individual (and, if requesting the pilot contribution, expect the child to be your qualifying child);
• Understand that no contributions can be made before July 4, 2026; and
• Be prepared to complete an account activation process in 2026, with identity verification.

With Form 4547 now available, parents can open a Trump Account as soon as this tax season, even though funds won’t be available just yet. If you’re considering participating, watch for final Treasury and IRS rules. Call (312) 578-9300 or email us to get more information.