What's New | Trump Accounts — Form 4547 Trump Account Election(s)

Recent legislation allows parents, guardians, and other authorized individuals to elect to establish a new type of individual retirement account, called a Trump account, for the exclusive benefit of certain children.

If the child was born after 2024 and before 2029, is a U.S. citizen, and meets certain other requirements, the authorized individual may also elect to receive a $1,000 pilot program contribution to the child’s Trump account.

Both elections can be made on Form 4547, which can be filed at the same time as the authorized individual’s 2025 income tax return. F

or more information on Trump accounts, and to learn how to make these elections, see Form 4547 and its instructions.