Trump Account Election(s)

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Instructions for Form 4547
(Rev. December 2025)
Trump Account Election(s)
Section references are to the Internal Revenue Code
unless otherwise noted.

Future Developments
For the latest information about developments related to
Form 4547 and its instructions, such as legislation
enacted after they were published, go to IRS.gov/
Form4547.

Use Form 4547 to make the election to establish an initial
Trump account for the exclusive benefit of a child who is
eligible for a Trump account. Also use Form 4547 to make
an election for a $1,000 pilot program contribution from
the U.S. Treasury to a child’s Trump account if they are
eligible for the contribution. For more information,
including whether you can make these elections online
beginning in the middle of 2026, go to trumpaccounts.gov.

General Instructions
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 (also referred to as
the “account beneficiary” of the Trump account). 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. To see if a child can have an
initial Trump account established for them, see Account
Beneficiary, later. To see if the child is eligible for a pilot
program contribution, see Pilot Program Contribution
Election, later. To see who is an authorized individual who
can elect to establish the initial Trump account for a child,
see Authorized Individual, later.
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. See Growth
Period and Special rules during the growth period, later.
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.

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 child
turns age 18. For example, a child born on October 1,
Dec 2, 2025

During the growth period, a subsequent Trump account
(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 (qualified rollover
contribution).
Special rules during the growth period. During the
growth period, special rules apply, including:
1. A Trump account can only be invested in eligible
investments;
2. A Trump account has a separate contribution limit
from other IRAs;
3. No deduction is allowed by an individual under
section 219 for any contribution to a Trump account;
4. A Trump account generally restricts distributions
from the account; and
After the growth period, most of the special rules no
longer apply and the rules governing traditional IRAs
generally apply.

Authorized Individual

An authorized individual may elect to establish an initial
Trump account for a child by completing Form 4547. For
more information, including whether you can make these
elections online beginning in the middle of 2026, go to
trumpaccounts.gov.
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), an authorized
individual is a legal guardian, parent, adult sibling, or
grandparent of the child, in that order of priority. If more
than one person meets the conditions to be an authorized
individual, subject to the order of priority, and no prior
Trump account election has been made 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 enter their information in Form
4547, Part I, and then complete Parts II and IV.
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

Instructions for Form 4547 (Rev. 12-2025) Catalog Number 95942D
Department of the Treasury Internal Revenue Service www.irs.gov

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Purpose of Form

2025, would turn age 18 on October 1, 2043. The last day
of the growth period for this child would be December 31,
2042.

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contribution. If both an election to open an initial Trump
account and an election for a pilot program contribution
are being made, 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. See Pilot Program Contribution
Election, later. The authorized individual who is making
these elections must enter their information in Form 4547,
Part I, and complete Parts II, III, and IV.
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 for the child.

DRAFT

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Note: The following paragraphs apply regardless of
whether the authorized individual is filing Form 4547 to
elect to open the initial Trump account or to elect a pilot
program contribution.
After the election is made, the Treasury Department, or
its agent, will send information to the authorized individual
who made the election to activate the account. The
activation of the Trump account will require an
authentication process, after which the authorized
individual can complete the opening of the initial Trump
account. The Treasury Department or its agent will send
this information starting in May 2026.
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).

Account Beneficiary

The child listed in Form 4547, Part II, is the owner of the
initial Trump account (also referred to as the “account
beneficiary” of the Trump account). Generally, an election
can be made to establish an initial Trump account for a
child if the child:
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Contributions

During the growth period, there are generally five types of
contributions that can be made to a Trump account. The
types of contributions are:
• Pilot program contributions from the U.S. Treasury of
$1,000 per child—see Pilot Program Contribution
Election, later;
• Qualified general contributions (funded by states (or
political subdivisions thereof), the United States, the
District of Columbia, Indian tribal governments, or section
501(c)(3) tax-exempt organizations) for members of a
qualified class of account beneficiaries;
• Employer contributions that are not includible in the
gross income of the employee under section 128 (section
128 employer contributions);
• Qualified rollover contributions (which are transfers to a
rollover Trump account of the entire amount of the child’s
prior Trump account); or
• Contributions from other sources (such as the child, the
child’s parents, or any other person).

!

Contributions cannot be made to a Trump account
before July 4, 2026.

CAUTION

Taxation of contributions. Contributions to a Trump
account during the growth period are not includible in
income by the account beneficiary when made. Pilot
program contributions, qualified general contributions, and
section 128 employer contributions do not create basis in
a Trump account. Qualified rollover contributions are
transfers from a prior Trump account and carry over any
basis attributable to the funds being transferred.
Contributions from other sources during the growth period
create basis in the Trump account. See Pub. 590-B
regarding the taxation of distributions from a traditional
IRA (including the treatment of basis).
Aggregate annual limitation. During the growth period,
contributions may be made to a Trump account even if the
child doesn’t have compensation that is included in their
Instructions for Form 4547 (2025)

DRAFT

If an election is being made for the child to receive
a pilot program contribution, an authorized
CAUTION individual is one who anticipates that the child will
be his or her qualifying child for the tax year in which the
election is made. The authorized individual must check
the boxes on Form 4547, lines 6 and 7, unless the Trump
account is already elected and opened and Form 4547 is
only being filed to elect the pilot program contribution by
checking the box on line 7.

• Is under age 18 at the end of the year in which the
election was made (for an election in 2026, the child must
have been born after December 31, 2008);
• Has a valid social security number issued before the
election is made (see Valid social security number (SSN),
later); and
• Has not had a Trump account election filed on their
behalf.
Valid social security number (SSN). 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 that is issued by
the Social Security Administration (SSA) before the Trump
account election is made. If the child was a U.S. citizen
when he or she received the SSN, the SSN is valid for
employment. If “Not Valid for Employment” is printed on
the social security card and the child’s immigration status
has changed so that the child is now a U.S. citizen or
permanent resident, ask the SSA for a new social security
card without the legend. However, if “Valid for Work Only
with DHS Authorization” is printed on the social security
card, the child’s SSN is valid only as long as the DHS
authorization is valid.

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income. Contributions from the pilot program, qualified
general contributions, or qualified rollover contributions
are not subject to an annual contribution limit. However,
the total of all other contributions (including section 128
employer contributions) during the growth period are
subject to an annual limit of $5,000 (subject to
cost-of-living adjustments after 2027).

Pilot Program Contribution Election

The election must be made on Form 4547. For more
information, including whether you can make these
elections online beginning in the middle of 2026, go to
trumpaccounts.gov. If your child is not eligible for a pilot
program contribution, the election to open an initial Trump
account must still be made on Form 4547 or, beginning in
the middle of 2026, online.
Timing of pilot program contribution. The Treasury
Department will make the pilot program contribution as
soon as practicable after the election is made and the
Treasury Department can confirm with the initial Trump
account trustee that the initial Trump account has been
opened. However, no pilot program contribution will be
deposited in the Trump account of a child earlier than July
4, 2026.
If the election for a pilot program contribution is made at
the same time as the election to open the initial Trump
account, then the pilot program contribution will be made
to the initial Trump account.

Section 128 Employer Contributions
A section 128 employer contribution to a Trump account
can be made to the employee’s Trump account or a Trump
account of a dependent of the employee. During the
growth period, section 128 employer contributions are
subject to a $2,500 limit (subject to cost-of-living
adjustments after 2027). Section 128 employer
contributions plus contributions from other sources (other
than a pilot program contribution and qualified general
contributions) are subject to a $5,000 annual limit.

Eligible Investments

During the growth period, a Trump account can only be
invested in eligible investments. An eligible investment,
generally, is a mutual fund or an exchange-traded fund
(ETF) that tracks an index of primarily U.S. companies.

Instructions for Form 4547 (2025)

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 (that is, starting January 1st of the
calendar year in which the child turns 18), 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 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).

When To File

Form 4547 can be filed at any time, including at the same
time as the income tax return is filed. For more
information, including whether you can make these
elections online beginning in the middle of 2026, go to
trumpaccounts.gov.

Where To File
Making the election electronically. The fastest, safest,
and easiest way to make the election(s) is to file Form
4547 with your current-year e-filed tax return. If you need
to make an election due to a qualifying event (for example,
the birth of a child who is eligible for a Trump account)
after you have filed your tax return or for information on
whether you can make these elections online, go to
trumpaccounts.gov.
Making the election on paper. If you must file your
Form 4547 on paper, mail it to the address at IRS.gov/
PaperReturns for your tax return for the year for which you
are making the election. Use the address for those who
are requesting a refund or are not enclosing a check or
money order.

!

CAUTION

Do not attach Form 4547 to Form 1040-X. Do not
amend Form 1040, 1040-SR, or 1040-NR to
attach Form 4547.

Specific Instructions
Part I—Parent/Guardian or Other
Authorized Individual’s Information
Name. If you changed your name because of marriage,
divorce, etc., be sure to report the change to the SSA
before filing Form 4547.
Address. Print or type the information in the spaces
provided. Enter your box number only if your post office
doesn’t deliver mail to your street address. The word
“county” includes a parish or any other equivalent
subdivision of a state or territory of the United States.
Foreign address. If you have a foreign address, enter
the city name on the appropriate line. Don’t enter any
other information on that line, but complete the spaces
below that line. Don’t abbreviate the country name. Follow
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DRAFT

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:
• Is anticipated to be the qualifying child of the authorized
individual for the year in which the election is made (see
Pub. 501 for further information regarding qualifying child
status);
• Is born after December 31, 2024, and before January 1,
2029;
• Has not had a prior pilot program contribution election
made for them;
• Is a U.S. citizen; and
• Has an SSN. See Valid social security number (SSN),
earlier.

Distributions

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the country’s practice for entering the postal code and the
name of the province, county, or state.

See Pilot Program Contribution Election and Valid social
security number (SSN), earlier

SSN. An incorrect or missing SSN may prevent the
processing of your election. Check that both the name and
SSN on your Form 4547 match your 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.

Even if your child is not eligible for a pilot program
contribution, the election to open an initial Trump
CAUTION account must still be made on Form 4547. For
more information, including whether you can make this
election online beginning in the middle of 2026, go to
trumpaccounts.gov. If your child is not eligible for a pilot
program contribution, don’t check the box on line 7.

Part II—Child’s Information
Name. Check that both the name and SSN on Form 4547
match the child’s social security card. 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.

Address. If the child lives with you at the address
provided in Part I, check the box. Otherwise, print or type
the information in the spaces provided for the child on
lines 5a–i. The word “county” includes a parish or any
other equivalent subdivision of a state or territory of the
United States.
Foreign address. If the child has a foreign address,
enter the city name on the appropriate line. Don’t enter
any other information on that line, but complete the
spaces below that line. Don’t abbreviate the country
name. Follow the country’s practice for entering the postal
code and the name of the province, county, or state.

Line 6

For each child, check the box if you are authorized to open
the initial Trump account for the child.

If your child already has an open Trump account
and you are only filing Form 4547 to elect the pilot
CAUTION program contribution, all of Part II must be
completed with your child’s information (except for line 6)
in addition to Part III.

!

Part IV—Consent To Disclose
Information

By completing Form 4547, you authorize the IRS,
Treasury, and their agent(s) to create and maintain a
Trump account with respect to the eligible child(ren) listed
in Part II of Form 4547. You also authorize the IRS,
Treasury, and their agent(s) to disclose the fact that a
Trump account has been established for the eligible
child(ren) listed in Part II to any parent, guardian, or
authorized individual of the eligible child who is permitted
to make an election to request creation of the initial Trump
account.

Sign Form 4547

Form 4547 isn't considered valid unless you sign it in
accordance with the requirements in these instructions.
Be sure to date Form 4547. If you have someone prepare
Form 4547 for you, you are still responsible for the
correctness of the form. If Form 4547 is signed by a
representative for you, you must have a power of attorney
attached that specifically authorizes the representative to
sign Form 4547. To do this, you can use Form 2848.
Requirements for a paper Form 4547. You must
handwrite your signature on Form 4547 if you file it on
paper. Digital, electronic, or typed-font signatures are not
valid signatures for Form 4547 filed on paper.
Requirements for an electronic Form 4547. The
requirements for signing an electronic Form 4547 will be
different depending on whether you use tax software or a
tax practitioner. You should follow the instructions given to
you by the tax software or the tax practitioner.

Part III—Pilot Program Contribution
Election

Paid Preparer Section

Line 7

Privacy, Disclosure, and Paperwork Reduction Act
Notice. We ask for the information to establish your right
to make an election for a Trump account and participate in
the pilot program contribution for an eligible child under
the Internal Revenue Code. We need this information to
ensure accounts are established with the child’s correct
information. You are not required to make these elections
and provide us the information. If you make the elections
and do not provide the information, we may not be able to
process your request. Sections 530A and 6109 and their
regulations require you to provide this information.
You aren't required to provide the information requested
on a form that is subject to the Paperwork Reduction Act
unless the form displays a valid OMB control number. The
valid OMB control number for this information collection is

For each child, check the box if the child is eligible for, and
you want the child to receive, a pilot program contribution.
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.
4

If Form 4547 is filed by a paid preparer, the paid preparer
may complete this section.

Instructions for Form 4547 (2025)

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Relationship. Enter the child’s relationship to you (for
example, your ward, son, daughter, brother, sister,
grandchild).

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The time needed to complete and file this form will vary
depending on individual circumstances. The estimated
average times are:

Internal Revenue Service
Tax Forms and Publications
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224

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Recordkeeping.................................................................... 13 min.
Learning about the law or the form................................... 31 min.
Preparing and sending the form to the IRS...................... 27 min.

If you have comments concerning the accuracy of
these time estimates or suggestions for making this form
simpler, we would be happy to hear from you. You can
send us comments through IRS.gov/FormsComments. Or
you can write to:

Instructions for Form 4547 (2025)

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