Trump Accounts
What Are “Trump Accounts”?
A Trump account is a new type of child savings account created by the IRS that functions similarly to a traditional IRA but is designed to give children a head start on long-term savings. These accounts can receive contributions from family, employers, and (for eligible children) a one-time federal seed contribution from the U.S. Treasury.
Unlike other traditional IRAs, Trump accounts have special rules while the child is a minor — including separate contribution limits and restrictions on distributions — but once the child reaches adulthood, they generally follow regular traditional IRA rules.
Who Can Establish a Trump Account?
To open a Trump account for a child, the child must:
Be under age 18 at the end of the year in which the election is made, and
Have a valid Social Security number, and
Not already have a Trump account established for them.
Only an authorized individual (usually a parent, guardian, or close relative) can make the election on the child’s behalf.
The One-Time $1,000 Federal Contribution
For children born between January 1, 2025 and December 31, 2028, there’s an opportunity to receive a $1,000 pilot program contribution from the U.S. Treasury. To get this contribution, it must be elected on Form 4547 when the Trump account is established.
If a child isn’t eligible for the $1,000 contribution (for example, outside of the birth window), you can still open a Trump account for them — but you simply wouldn’t check the box for the pilot contribution.
How to Make the Election
To establish the account and (if eligible) request the federal seed contribution, you must complete Form 4547, Trump Account Election(s):
👉 Form 4547 (PDF) – https://www.irs.gov/pub/irs-pdf/f4547.pdf
Key points about filing:
The quickest and easiest method is to file Form 4547 with your 2025 tax return (due in April 2026).
You can also file the form at any time or use the upcoming online portal at trumpaccounts.gov once it’s available later in 2026.
Make sure the child’s name and Social Security number on the form match their SSA records — mismatches can delay processing.
What Happens Next?
After the IRS receives Form 4547:
The Treasury Department will send activation instructions (expected starting May 2026).
Trump accounts will be ready to receive contributions beginning July 4, 2026.
Bottom Line
Trump accounts offer a new tax-favored way to begin saving for a child’s future. If you want one of these accounts established for your child — and especially if you want to capture the $1,000 federal contribution — be sure to complete Form 4547 and let us know so we can assist you with the filing.