How To Open A Trump Account In 2026: What To Know About IRS Form 4547 |
Tax season is approaching, and for parents of minor children, there’s a new form worth paying attention to. The IRS has finally released Form 4547, which allows taxpayers to register an eligible child for a Trump Account while filing a 2025 tax return.
Although the main feature of these accounts—the ability to contribute money—won’t begin until later in 2026, taxpayers can opt into the program now by making an election with their 2025 tax return.
Here’s what you need to know.
You’ll make the election using Form 4547, which is now available on the IRS website. The form is a single page, but it serves two distinct functions. First, it allows an authorized individual to elect to open an initial Trump Account for a qualifying child. Second, it provides 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 ithe $1,000 deposit.
(One practical detail parents may appreciate: 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.)
Form 4547 also introduces the concept of a “responsible party.” This is a contact person who will work with Treasury to establish and administer the account.
Taxpayers can file Form 4547 with a 2025 return, either on paper or electronically. The instructions also note that Form 4547 may be filed after tax season, including through an online portal once it becomes available.
After the election is processed, Treasury will take steps to establish the account, including sending activation instructions to the responsible party. That activation process is expected to begin in May 2026 and will include identity verification. Until that step is completed, the account is not fully operational.
What won’t happen anytime soon is funding. No contributions of any kind—whether from parents,........