Drake Tax - Form 4547 - Trump Account Election(s)

Form 4547 is used to make the election to establish an initial Trump Account for an eligible child.

The IRS has indicated that additional regulations and guidance for Form 4547 are forthcoming. We are planning to support Form 4547 in Drake Tax 2025 and will update the program as needed once the IRS provides further clarification.

For current information, see:

• Instructions for Form 4547 (draft)

• IRS IR-2025-117

• IRS Notice 2025-68

• https://www.trumpaccounts.gov/