The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, created Trump Accounts, which are tax-advantaged savings vehicles designed to help families build long-term wealth for children under 18. These accounts function as specialized retirement accounts that lock in contributions until the child reaches adulthood.
To establish one of these accounts, families must submit IRS Form 4547, which serves two purposes: it registers your child for a Trump Account and, for eligible children, requests the federal government's $1,000 starter contribution.
There's no cost to file Form 4547. You can submit it electronically through tax software or by mail. Once the Treasury Department launches its dedicated portal at trumpaccounts.gov (expected mid-2026), that will become an additional registration option.
Eligibility Requirements for Children
Three criteria determine whether your child can have a Trump Account:
Age restriction: Your child must not have reached their 18th birthday by December 31st of the filing year. For families filing in 2026, this means that any child born on or after January 1, 2009, qualifies.
Social Security documentation: The child needs a valid SSN issued before you submit the form, and the number must be authorized for employment purposes. If your child's Social Security card shows "Not Valid for Employment," contact the Social Security Administration to update their status.
One account per child: Each child is limited to a single Trump Account. The IRS will reject duplicate applications.
Qualifying for the Federal $1,000 Contribution
The pilot program provides a $1,000 government deposit for children meeting these additional requirements:
Born during the four-year window from January 1, 2025, through December 31, 2028
U.S. citizenship status
Valid Social Security number on file
Living with the filer who claims them as a tax dependent
No previous receipt of pilot program funds
Children outside the 2025-2028 birth window can still establish Trump Accounts, but they won't receive the federal starter contribution.
Who Has Authority to File?
The IRS restricts who can submit Form 4547 based on your relationship to the child and whether you're requesting the pilot contribution.
For account establishment only: Priority goes to legal guardians first. If no guardian has been appointed, either parent can file regardless of their tax filing status. If neither parent is available, adult siblings, then grandparents, have authority in that order.
For the $1,000 pilot contribution: You must be claiming the child as your qualifying dependent for tax purposes in the year you file. This requirement is straightforward for most parents. If your child lives with you and appears on your tax return, you meet this standard. You don't need to have already submitted your 2025 return; your intention to claim them is sufficient.
Your signature on Form 4547 constitutes a sworn statement, under penalty of perjury, that you're authorized to open the account.
Completing Form 4547: Section-by-Section Instructions
The form is divided into four sections requiring different information.
Part I: Authorized Filer Details
This section captures your information as the person opening the account:
Full legal name: Enter your name exactly as it appears on your Social Security card. If you've changed your name through marriage, divorce, or other circumstances, update your records with the Social Security Administration before filing.
Current address: Provide your complete mailing address, including your county of residence. Only use a P.O. box if the postal service doesn't deliver to your street address.
Tax identification: Enter your Social Security number. Non-resident aliens without an SSN should provide their Individual Taxpayer Identification Number (ITIN).
You become the account's "responsible party" once this form is processed, giving you authority over investment selections, rollover requests, and successor designations while your child remains under 18.
Part II: Child Information
Complete this section for each child receiving an account:
Identifying information: Record the child's full legal name and Social Security number exactly as they appear on their Social Security card. Any discrepancies will delay processing.
Family relationship: Specify how the child relates to you. Options include son, daughter, grandchild, ward, or other relationship.
Residential address: If the child lives at your address, check the provided box. For children living elsewhere, enter their complete address.
Account authorization: Mark the checkbox on Line 6 to authorize opening the initial Trump Account.
Families with more than two children should attach an additional Form 4547 for each child.
Part III: Federal Contribution Request
If your child qualifies for the $1,000 pilot contribution based on the criteria outlined earlier (2025-2028 birth year, U.S. citizenship, valid SSN), mark the checkbox on Line 7.
Critical note: Checking this box is required to receive the federal deposit. Even if your child meets all eligibility requirements, failing to mark Line 7 means they won't receive the $1,000. For children who don't qualify for the pilot program, leave Line 7 blank while completing the remaining sections.
Part IV: Authorization and Signature
Your signature in this section provides consent for two actions:
Authorizes the IRS and the Treasury Department to establish and maintain the Trump Account
Permits disclosure of the account's existence to other authorized individuals, such as the child's other parent
Paper submissions require your handwritten signature. Typed or stamped signatures are unacceptable. Electronic filers should follow the signing procedures of their tax software or preparer.
Filing Timeline and Deadlines
While Form 4547 can be submitted at any point, coordinating with your 2025 tax return filing ensures your child's account is operational when the contribution window opens.
January 2026: Tax season begins; Form 4547 becomes available for submission with tax returns
April 15, 2026: Standard tax filing deadline for most Americans
May 2026: Treasury Department starts distributing account activation instructions to approved applicants
Mid-2026: Online registration portal trumpaccounts.gov becomes available
July 4, 2026: Contribution window opens; pilot program deposits begin processing
Missing the April deadline doesn't disqualify you. Late filers can submit through the online portal once it launches, and Form 4547 can be mailed separately at any time.
Submission Options
Choose between two filing methods:
Electronic submission (preferred method): Include Form 4547 with your electronically-filed federal tax return. Tax preparation software from major providers will incorporate Form 4547 into their 2025 tax year packages.
Paper submission: Mail completed forms to the IRS address designated for your state, available at IRS.gov/PaperReturns. Use the address specified for taxpayers receiving refunds or not enclosing payment.
After Submission: What to Expect
Once the IRS completes processing, the Treasury Department or its designated agent will send you activation instructions. This process includes identity verification steps to protect your child's account.
Activation communications should arrive starting in May 2026. Remember that all contributions, including the federal $1,000 deposit, remain on hold until the July 4, 2026, opening date.
Maximizing Your Child's Account
The government's $1,000 contribution represents just the beginning. Trump Accounts accept deposits from various sources:
Family deposits: Any individual can contribute up to $5,000 annually per child (this limit adjusts for inflation beginning in 2027). Parents, grandparents, aunts, uncles, and family friends can all participate.
Workplace benefits: Employers can make tax-excluded contributions of up to $2,500 per year through Section 125 cafeteria plans. This benefit reduces your taxable income while boosting your child's account. Companies, including BlackRock and BNY Mellon, have already announced Trump Account programs for employees.
Charitable deposits: Nonprofit organizations and government entities can make unlimited "general funding contributions" that don't count against the $5,000 family limit. Notable example: Michael and Susan Dell committed $6.25 billion to provide $250 deposits for 25 million children.
Contact your HR department to learn whether your employer plans to offer Trump Account matching or contribution programs.