IRS Form 4547 Instructions
As part of the One Big Beautiful Bill Act (OBBBA) of 2025, the federal government created a new type of savings account for children, known as Trump Accounts. As part of this savings program, the Internal Revenue Service created a new tax form, IRS Form 4547, Trump Account Election(s), in order to report the creation of, and savings contributions to, a Trump account.
In this article, we’ll cover everything you need to know about IRS Form 4547, including:
- How to complete IRS Form 4547
- Tax rules for Trump Account
- Frequently asked questions
Let’s start by taking a closer look at IRS Form 4547.
Table of contents
How do I complete IRS Form 4547?
There are four parts to this one page tax form:
- Part I: Parent/Guardian or Other Authorized Individual Information
- Part II: Child’s Information
- Part III: Pilot Program Contribution Election
- Part IV: Consent to Disclose Information
Let’s begin at the top with Part I.
Part I: Parent/Guardian or Other Authorized Individual Information
In Part I, we’ll enter information about the parent, guardian, or other authorized individual, who will be the responsible party for the Trump account.
Authorized individual
According to the IRS instructions, there are two types of authorized individuals:
- Authorized individual to elect to only open an initial Trump account
- Authorized individual to elect to both open an initial Trump account and to request a pilot program contribution
Let’s take a closer look at the requirements for each.
Authorized individual to elect to only open an initial Trump account
If the only election being made is to open an initial Trump account (and no election for a pilot program contribution is being made), then an authorized individual can be any of the following, in order of priority:
- Legal guardian
- Parent
- Adult sibling
- Grandparent
If more than one person meets the conditions to be an authorized individual, subject to the order of priority, and no one has made a prior Trump account election for the child, then any of the authorized individuals can make the election.
For example, if the child doesn’t have a legal guardian, then either parent of the child can make the election regardless of filing status. The authorized individual who is making the election must:
By making the election, the authorized individual is representing, under penalties of perjury, that he or she is authorized to open the initial Trump account for the child.
For example, if an adult sibling is making the election, they would be representing that there was neither a legal guardian nor parent of the child available to make the election.
Authorized individual to elect to both open an initial Trump account and to request a pilot program contribution
If the decision involves both an election to open an initial Trump account and an election for a pilot program contribution, then an authorized individual is an individual who anticipates that the child will be his or her qualifying child for the tax year in which the election is made.
In addition, if you are filing the Form 4547 with your 2025 income tax return, then you do not have to have claimed the child as your dependent on the 2025 income tax return. If it is later determined that the child is not the individual’s qualifying child for the year the election is made, these elections may still be effective as long as the child has satisfied the other requirements for receiving the pilot program contribution.
The authorized individual who is making these elections must:
By making these elections, the authorized individual is representing, under penalties of perjury, that he or she is authorized to open the initial Trump account on the child’s behalf.
Authorized individual responsibilities
The authorized individual who made the election and whose information appears in Form 4547, Part I, will be the responsible party for the initial Trump account of the child(ren) listed in Form 4547, Part II, while the child is a minor. The responsible party may generally:
- Select among any eligible investments,
- Request a transfer for a qualified rollover contribution to a rollover Trump account,
- Request a transfer for a qualified ABLE rollover contribution to an ABLE account of the child at age 17, or
- Select someone to take over their responsibilities as the responsible party (a successor responsible party for the account).
Authorized individual information
Enter the following information for the parent, guardian, or other individual who is the responsible party for the child’s Trump account:
- Complete name and Social Security number
- Home address, including city, county, state, and zip code
- Date of birth
- Telephone number
- Email address
If the responsible party lives in a foreign country, then enter the complete country name, as well as state and postal code.
Social Security card
If you are a nonresident or resident alien and you don’t have and aren’t eligible to get an SSN, enter your IRS individual taxpayer identification number, or ITIN.
Part II: Child’s Information
Part II will contain the child’s information, and has room for up to 2 children. If you have more than two children for whom you are electing to open a Trump account, attach as many copies of Form 4547 as are needed to provide the requested information for each child.
Line 1: Child’s name
In this space, enter the child’s name as follows:
- Line 1a: First name
- Line 1b: Middle name
- Line 1c: Last name
Line 2: Social Security number
Enter the child’s Social Security number (SSN) in the space provided. The child must have an SSN to be eligible prior to the date of the Trump account election.
Valid Social Security number requirement
The child must have an SSN issued to them before the date of the Trump account election.
A valid SSN for purposes of Form 4547 is one that is:
- Valid for employment, and
- Issued by the Social Security Administration before the responsible party makes the Trump account election
If the child was a citizen of the United States when he or she received the SSN, then the SSN is valid for employment. If Not Valid for Employment is printed on the child’s Social Security card and the child’s immigration status has changed to that of a U.S. citizen or permanent resident, then you can ask the SSA for a new Social Security card without Not Valid for Employment printed on it.
Line 3: Date of birth
Enter the child’s date of birth in Line 3.
Line 4: Relationship
Enter the relationship that you have with the child.
Line 5: Home address
If the child lives with you at the address provided in Part I, check the box and move on to Line 6. Otherwise, print or type the child’s address information in the spaces provided on Lines 5a–i.
Line 6
Check this box if you are authorized to open the Trump account for the child.
Part III: Pilot Program Contribution Election
Line 7
Check the box if the child qualifies for, and if you want the child to receive a Pilot Program Contribution.
Eligible child
For a child to be eligible to receive the $1,000 pilot program contribution to their Trump account, the child
must:
- Be anticipated to be a qualifying child of the authorized individual opening the initial Trump account;
- Have been born after December 31, 2024, and before January 1, 2029;
- Have not had a prior pilot program contribution election made for them;
- Be a U.S. citizen; and
- Have a valid SSN.
Pilot program contribution
An authorized individual can make an election for a $1,000 pilot program contribution to be made to a Trump account for a child who meets the eligibility requirements.
Part IV: Consent to Disclose Information
By completing this form, the authorized individual is giving permission for the Internal Revenue Service, Treasury Department, and their agent(s) to create and maintain a Trump account with respect to the eligible child(ren) listed on IRS Form 4547.
Also, the authorized individual is giving permission to disclose the fact that a Trump account has been established for the eligible child(ren) listed above to any parent, guardian, or authorized individual of the eligible child who is permitted to make an election to request creation of the Trump account.
Sign here
Sign and date the form where indicated.
Paid preparer use only
If using a paid tax preparer, then he or she will complete this section. Please ensure that all appropriate fields are completed, particularly:
- PTIN: Preparer Tax Identification Number
- Name and signature
Filing considerations
Below are some filing considerations for the new Trump account program.
What is a Trump Account?
A Trump account is a type of traditional individual retirement account (IRA) established by an authorized individual for the exclusive benefit of a child listed in Form 4547, Part II. The child listed in Form 4547, Part II, will be the owner of the initial Trump account, as well as the account beneficiary.
In order for the child to qualify to receive the $1,000 pilot program contribution to their Trump account, the child must meet additional requirements.
Although a Trump account is a type of traditional IRA, during the growth period, a Trump account is subject to special rules that don’t apply to other IRAs.
Growth period
The growth period for a Trump account starts on the date the Trump account is established and ends on December 31st of the year before the calendar year in which the account beneficiary turns age 18.
For example, a child born on October 1, 2025, would turn age 18 on October 1, 2043. The last day
of the growth period for this child would be December 31, 2042.
During the growth period, a subsequent Trump account, known as a rollover Trump account can be established for a child. The rollover Trump account must be funded by a trustee-to-trustee transfer of the entire account balance from the child’s existing Trump account. This is known as a qualified rollover contribution.
Special rules during the growth period
During the growth period, Trump accounts can receive contributions from several different sources, including employer contributions. All Trump accounts must have a trustee, and the trustee of a Trump account must either be a bank or another person who is approved by the IRS to be a nonbank trustee of a Trump account.
What children are eligible for Trump accounts?
Children must meet certain eligibility criteria in order to be the account beneficiary of a Trump account. Eligible children must:
- Be anticipated to be a qualifying child of the authorized individual opening the initial Trump account;
- Have been born after December 31, 2024, and before January 1, 2029;
- Have not had a prior pilot program contribution election made for them;
- Be a U.S. citizen; and
- Have a valid SSN.
What contributions are eligible?
No pilot program contribution will be deposited in the Trump account of a child earlier than July 4, 2026.
What types of investments are allowed in a Trump account?
As a general rule, an eligible investment is a mutual fund or an exchange-traded fund (ETF) that tracks an index of primarily U.S. companies. Examples include investments that track the following:
- Standard & Poor’s (S&P) 500 Index
- Wilshire 5000 Index
How do distributions work?
During the growth period, the only distributions that can be made from a Trump account are:
- Qualified rollover contributions to a rollover Trump account,
- Qualified ABLE rollover contributions at age 17 to an ABLE account of the account beneficiary,
- Distributions of excess contributions, and
- Distributions upon death of the account beneficiary
After the growth period, most of the rules that apply to traditional IRAs will generally apply to the Trump account. For example, this means that distributions from the Trump account could be subject to the Internal Revenue Code section 72(t) 10% additional tax on early distributions, unless an exception applies with respect to the child (such as for distributions for higher education expenses or first home purchases).
Video walkthrough
Frequently asked questions
IRS Form 4547, Trump Account Election(s), is a new tax form taxpayers can use to create a Trump account for eligible children, and to request a $1,000 Pilot Program Contribution from the federal government.
You can file IRS Form 4547 electronically with your tax return, but this is not required. If filing a separate Form 4547 by mail, you can use the mailing instructions for a paper tax return, located in the Form 1040 instructions.
No. Setting up a Trump account is optional, so there is no due date.
Where can I find IRS Form 4547?
You can download this form from the IRS website. For your convenience, we’ve enclosed the latest version of IRS Form 4547 here, in our article, as a PDF file.
Clarify; Can a Trump account be opened for a Child 10 years old or younger in a Zip with a Median Income less than$100,000?
Can cash deposits be made to this account?
The child has to have been born between 2025 and 2028.