How to Fill Out and Submit IRS Form 4547: Child’s Trump Account

IRS Form 4547 is the form you use to open a Trump Account for a child under 18 and, if the child was born between January 1, 2025, and December 31, 2028, to elect the one-time $1,000 pilot program contribution from the U.S. Treasury.¹ You can file it electronically through your IRS Individual Account at irs.gov or on paper with your federal tax return.²

Who Can File Form 4547

Any parent, guardian, or other authorized individual can file on behalf of a child who has not turned 18 by the end of the calendar year of the election and who has a valid Social Security number. The child must be a U.S. citizen.³

One form covers one child. If you are opening accounts for more than one child, attach a separate Form 4547 for each.¹

Filling Out the Form

Form 4547 has four parts. Sign and date it at the bottom when you finish; the IRS will not process an unsigned form.⁴

Part I: Your Information

Enter your full legal name, Social Security number, home address, date of birth, phone number, and email. Your name has to match your Social Security card, so if you changed your name through marriage or divorce, update the Social Security Administration first. If you are a nonresident or resident alien without an SSN, use your IRS Individual Taxpayer Identification Number.⁴

Give your street address. Use a P.O. box only if the post office does not deliver to your street. For a foreign address, put the city on the city line, leave state and ZIP blank, and fill in the country, province, and postal code on the lines provided.⁴

Part II: Child’s Information

Enter the child’s full legal name, Social Security number, date of birth, and relationship to you (son, daughter, grandchild, brother, sister, ward, and so on). The name and SSN have to match the child’s Social Security card exactly; a mismatch will stop the election from processing.⁴

If the child lives with you, check the box saying the address is the same as Part I. Otherwise, list the child’s address on Lines 5a through 5i. On Line 6, check the box confirming you are authorized to open the initial Trump Account for this child.¹

Part III: Pilot Program Contribution Election (Line 7)

Line 7 is the box that unlocks the $1,000. Check it if the child was born between January 1, 2025, and December 31, 2028, is a U.S. citizen with a valid SSN, and you want the Treasury to deposit the one-time $1,000 contribution into the account. Leave it blank for a child born before 2025 or after 2028.⁴

To claim the $1,000, the child also has to be someone you reasonably anticipate will be your qualifying child under Section 152(c) of the Internal Revenue Code for the tax year of the election. That covers children, stepchildren, siblings, and their descendants who live with you more than half the year and do not provide more than half their own support. No other person can already have made a processed pilot election for the same child.⁵

The $1,000 goes directly into the child’s account. It cannot be redirected to you, offset against past-due debts, or applied to any other federal tax liability. If it later turns out the child did not meet the qualifying-child test for that year, the contribution still stands as long as you reasonably anticipated the child would qualify at the time you filed.⁵

A note on eligibility if your child is older: children born before January 1, 2025, who are still under 18 can have a Trump Account with all the same features, but they do not qualify for the $1,000 government contribution.⁶

Part IV: Consent to Disclose Information

Part IV has nothing to fill in. Completing the form authorizes the IRS, Treasury, and their agents to create and maintain the Trump Account and to confirm to any parent, guardian, or other authorized individual of the child that the account exists.¹ Sign and date at the bottom.

How to Submit the Form

The fastest route is to log in to your IRS Individual Account at irs.gov and submit Form 4547 directly from the account dashboard.² You can also file the election with your federal tax return for the year.⁷ If you file on paper, include the signed form with your return or mail it separately to the IRS.

A paid tax preparer can complete and sign for you using the “Paid Preparer Use Only” section at the bottom of the form, which collects the preparer’s name, PTIN, firm information, and signature.¹

After the Account Is Open

Once the account exists, others can contribute up to $5,000 total per year on top of the one-time $1,000 government deposit. No contributions of any kind can be made before July 4, 2026. The $5,000 cap is indexed to inflation and starts adjusting after 2027.⁸

An employer can contribute up to $2,500 per year to an employee’s Trump Account or to the account of the employee’s dependent through an employer Trump Account contribution program. That employer contribution is not taxable income to the employee, but it counts toward the $5,000 annual limit.⁸

The account is in the child’s name from day one, with you as sole custodian until the child turns 18, when control transfers to them.⁷ Money is automatically invested in a diversified U.S. stock index fund that meets IRS criteria, and qualifying funds cannot charge more than 0.1% in annual fees.⁹ Investment growth is not taxed while it stays in the account. Funds cannot be withdrawn before the child turns 18, and after that the account generally follows traditional IRA rules, including a possible 10% penalty on withdrawals before age 59½.⁶

1
Internal Revenue Service. Form 4547 – Trump Account Election
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Internal Revenue Service. Taxpayers Can Now View and Submit Trump Account Elections in Their IRS Individual Account
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Internal Revenue Service. Trump Accounts
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Internal Revenue Service. Instructions for Form 4547
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Federal Register. Trump Accounts Contribution Pilot Program
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The White House. Trump Accounts Give the Next Generation a Jump Start on Saving
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Trump Accounts. Jumpstarting the American Dream
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Internal Revenue Service. Treasury, IRS Issue Guidance on Trump Accounts Established Under the Working Families Tax Cuts
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Congress.gov. Trump Accounts – Overview and Policy Considerations