Parents and guardians now have a new way to give kids a financial head start: Trump Accounts. These are tax-advantaged savings accounts for children created by the federal government under the One Big Beautiful Bill Act. If you want to open one for your child and take advantage of the $1,000 federal pilot contribution, you’ll need IRS Form 4547.

What Is a Trump Account?

A Trump Account is a new type of custodial investment account established in a child’s name. It functions similarly to a traditional IRA: money grows tax-deferred, and the beneficiary can access the funds once they reach adulthood.

The goal is to encourage long-term saving for things like education, first-time home purchases, or launching a business. While Trump Accounts are similar in purpose to existing savings vehicles (like 529 plans), they have unique tax rules and benefits.

What Is IRS Form 4547?

IRS Form 4547, officially titled “Trump Account Election(s),” is the form you use to:

1. Open a Trump Account for an eligible child
2. Request the $1,000 federal pilot program contribution from the U.S. Treasury for that account

You cannot receive the $1,000 contribution without filing this form — it’s the official election form the IRS uses to set up the account and enroll the child in the pilot contribution program.

Who Can Use Form 4547?

Authorized individuals — typically parents or legal guardians — must complete and sign the form on behalf of the child. Certain family members like grandparents or adult siblings can also qualify in specific circumstances.

To qualify for the $1,000 federal contribution, the child generally must:

• Be born between January 1, 2025, and December 31, 2028
• Be under age 18
• Be a U.S. citizen with a valid Social Security number
• Not have already had the pilot contribution claimed for them

Even children not eligible for the federal seed money can still have Trump Accounts opened for long-term savings.

When and How to File Form 4547

The simplest way to file is to attach Form 4547 to your 2025 federal tax return — due April 15, 2026. Filing with your return helps ensure your child’s account is established and ready in time for contributions.

Alternatively, once the IRS launches its online portal at trumpaccounts.gov, you may be able to submit the election digitally.

Important Dates to Know

• Tax Filing Deadline: April 15, 2026 — Form 4547 can be submitted with your 2025 tax return.
• Contribution Start Date: July 4, 2026 — this is when new contributions, including the federal $1,000 deposit, can begin being credited to Trump Accounts.

After You File

Once the IRS processes your Form 4547:

1. The Treasury Department (or its designated agent) will send you instructions to activate the Trump Account.
2. After activation, you can complete setup and begin making additional contributions starting July 4, 2026.

Final Tips

• Make sure your child’s name and Social Security number on Form 4547 exactly match their SSA card — mismatches can delay processing.
• Filing Form 4547 does not increase your tax refund or send you a check — the $1,000 goes into the child’s Trump Account, not to you personally.
• If you miss the tax-filing window, you can still register through the upcoming online portal once it launches.