Trump Accounts: How to Open an Account for a Child
June 9, 2026
In our March newsletter article, we provided an overview of the newly established Trump Accounts, a tax-advantaged savings vehicle designed to help families build long-term financial security for children. That discussion addressed the key features of the program, including a one-time $1,000 government seed contribution for American children born between January 1, 2025, and December 31, 2028, annual contribution limits, investment restrictions, and withdrawal rules.
As the program moves toward implementation, the IRS has now issued additional administrative guidance clarifying how these accounts are opened and established, including the release of Form 4547, Trump Account Election(s).
IRS Form 4547: Trump Account Election(s)
Form 4547 serves as the required election form to establish a Trump Account for an eligible child. In addition to initiating account creation, the form may also be used to request the federal $1,000 Treasury contribution for qualifying children under the pilot program.
Form 4547 requires identifying information for both the child and the individual establishing the account, including names, addresses, dates of birth, and Social Security numbers.
The process for opening a Trump Account generally involves the following steps:
1. Completion of Form 4547
To initiate the election an authorized individual must complete Form 4547. This individual may include:
- A parent
- A legal guardian
- A grandparent
- Another eligible adult authorized under IRS rules
2. Submission of Election
Form 4547 can be submitted by using the online tool at trumpaccounts.gov. Elections are scheduled for mid-2026, with accounts becoming available July 4, 2026. Once submitted, the IRS will process the election and determine eligibility for account establishment and any applicable federal contributions.
3. Account Activation
Following IRS acceptance of the election, the Treasury Department, or its designated administrator, will provide instructions for account activation. At that stage, the account is formally established with an approved financial institution or custodian.
4. Funding the Account
Once established, the account may be funded with after-tax contributions, subject to annual limits and other program restrictions.
Information Needed to Open an Account
Families considering establishing a Trump Account will need to gather the following documentation in advance:
- Child’s Social Security number
- Child’s birth certificate
- Parent or guardian identification
- Mailing address and contact information
- Banking information for contributions
Ongoing IRS and Treasury Guidance
The Trump Account program remains in its implementation phase, and additional regulatory and administrative guidance is expected. In particular, future updates are anticipated regarding:
- Approved financial institutions and custodians
- Finalized filing and submission procedures for Form 4547
- Administrative mechanics for the $1,000 Treasury contribution
- Reporting and compliance requirements
Reference to Prior Guidance
For a more comprehensive discussion of the tax attributes, investment limitations, withdrawal rules, and long-term planning considerations associated with Trump Accounts, please refer to our prior article: “New Trump Accounts for Children: What Families Should Know.”