Form 4547 is used to make the election to establish an initial Trump Account for an eligible child. If the child meets the additional requirements for the pilot program, Form 4547 is also used to elect the $1,000 pilot program contribution.

Establishing an Account

• A Trump Account may be established for a child who is under age 18 at the end of the tax year in which the election is made, provided all other eligibility requirements are met.

• If the child was born after December 31, 2024, and before January 1, 2029, the authorized individual may also elect to receive the $1,000 pilot program contribution, if the child otherwise qualifies.

• Children born before January 1, 2025, are not eligible for the pilot program contribution but may still have a Trump Account established if they are under age 18.

Contributions

• For each child with an established Trump Account, total annual contributions are generally limited to $5,000 per year, subject to IRS rules.

• Certain contributions, such as the $1,000 pilot program contribution, qualified general contributions, and rollovers, are not counted toward the annual contribution limit.

• Employer contributions under section 128 are subject to a separate annual limitation.

• Contributions cannot be made before July 4, 2026.

Use of Funds

• During the growth period (generally before January 1 of the year the child turns 18), distributions from a Trump Account are restricted and are permitted only for specific reasons (such as rollovers, excess contributions, or upon death of the beneficiary).

• Beginning January 1 of the year the child turns 18, the Trump Account is treated similarly to a traditional IRA.

• Distributions made after this point may be subject to the 10% additional tax on early distributions, unless an exception applies (such as qualified higher education expenses or first-time home purchase). Restrictions apply.

Data Entry

To indicate that a child is eligible, and that the taxpayer wants to open an account for that child, follow these steps.

1. On screen 1, make sure that you have entered a phone number or email address for the taxpayer. This is required for Form 4547 and prevents EF Message 4962.

2. Enter the child’s demographic information on screen 2 > Dependent tab. Then make additional entries for Form 4547 on the 4547 tab (of screen 2). Entries are as follows:

   • Select T or S in the TJ drop-list.

   • Check Open a Trump account for this child.

   • Check the box Pilot Program Contribution selected for qualified child, if applicable.

     Important  See below for qualified child requirements. EF Message 4961 is generated if you check this box for a dependent who was born before 2025.

   • Enter the Child's full middle name.

   • Enter the child's mailing address (if it is different from the taxpayer).

Qualified Child

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 all of the following requirements:

• Is anticipated to be the qualifying child of the authorized individual for the year in which the election is made

• 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

• Has an SSN

In View/Print mode, Form 4547 and Form 8879-TA (IRS e-Fil Signature Authorization for Form 4547) are generated. These items are e-filed with the completed individual return, if present. You cannot e-file Form 4547 separately from Form 1040. If you need to file Form 4547 after e-filing Form 1040, you will have to use an online portal (expected to be available by summer 2026).

Related Links

For current information, see:

• Instructions for Form 4547 (draft)

• IRS IR-2025-117

• IRS Notice 2025-68

• https://www.trumpaccounts.gov/