Article: 50647
Form 4547 is used to
- establish an initial Trump Account for an eligible child
- to elect the one-time $1,000 pilot program contribution from the U.S. Treasury for eligible children.
Enrolling a Dependent Child
To enroll a dependent child in the Trump Account, follow the steps below.
If you are making an election to open a Trump account AND want to elect to receive the $1,000 pilot contribution (if they child qualifies), the child must be one of your qualified dependents on the return.
- On the left, click Federal Taxes then Dependents.
- Click Yes when asked Any Dependents?
- Enter the child’s name and click Next.
- Enter their Social Security Number and click Next.
- Select the applicable option in the drop-list How is this dependent related to you? And click Next.
- Enter their date of birth and click Next.
- Answer the next few questions as they apply to you and click Next when prompted.
- Click Take me to the EIC and CTC questions.
- Answer the interview questions as they apply to you.
- At the end, click the blue link, I would like to enroll my child in a Trump Account (530A account).
- Then click the link Yes, Take me to the Trump account Information and Questions.
- Answer the Trump Account questions as applicable.
- Click Save at the end.
Enrolling a Child Who is Not Your Dependent
If the child is not being claimed as your dependent this year, you will select Not a dependent and answer the other questions as they apply. See the detailed steps below.
If you are only opening the Trump Account for the child, they do not have to be one of your qualifying dependents, but you must be a legal guardian, parent, adult sibling, or grandparent of the child.
- On the left, click Federal Taxes then Dependents.
- Click Yes when asked Any Dependents?
- Enter the child’s name and click Next.
- Enter their Social Security Number and click Next.
- Select the applicable option in the drop-list How is this dependent related to you? And click Next.
- Enter their date of birth and click Next.
- Answer the next few questions as they apply to you.
- You can still elect the Trump Account even if some of the answers are no or the dependent didn’t live with you.
- When you get to the screen that says You’ve given us the most common details about your dependent… click the link that says I’d like to see the advanced options for the dependent.
- Select the radio button Not a dependent and click Next.
- Click Take me to the EIC and CTC questions.
- Answer the interview questions as they apply to you. At the end, click the blue link, I would like to enroll my child in a Trump Account (530A account).
- Then click the link Yes, Take me to the Trump account Information and Questions.
- Answer the Trump Account questions as applicable.
- Click Save at the end.
Frequently Asked Questions
What is a Trump Account?
A Trump Account is a federal savings account for a child under 18. You set it up by making an election on your federal tax return. The account is administered by the U.S. Treasury.
What is the $1,000 that some children may qualify for?
Some children may qualify for a one-time $1,000 pilot contribution from the U.S. Treasury. If eligible, the deposit goes into the child’s Trump Account. It is not added to your tax refund.
When does this start?
Program operations and funding begin in July 2026. Contributions cannot be made before July 4, 2026.
Who can have a Trump Account?
In general, a Trump Account may be established for a child who is under 18 at the end of the tax year when the election is made (and meets other eligibility requirements).
How can a child qualify for the $1,000 pilot contribution?
To qualify for the one-time $1,000 pilot contribution, the child must meet all of the following requirements:
- Expected to be the qualifying child of the authorized individual for that year
- Born after December 31, 2024, and before January 1, 2029
- No prior pilot election already made for them
- U.S. citizen
- Has a valid Social Security number (SSN)
Does the child need to be listed as a dependent on my tax return?
The child must meet qualifying child rules for the authorized individual for that year, and final IRS instructions will confirm any “must-claim” requirements.
How do I set up a Trump Account?
To establish a Trump Account, you must file Form 4547 with your federal tax return (Form 1040). Form 4547 must be attached to your original Form 1040 and cannot be filed separately. See the steps above.
Can I add Form 4547 later?
No. Form 4547 cannot be attached to:
- Form 1040-X (amended return)
- Form 4868 (extension request)
It must be filed with your original Form 1040.
How many children can I enroll?
Use one Form 4547 per child. If you need more, attach additional copies.
How much can be contributed each year?
Total annual contributions are generally limited to $5,000 per child, per year, subject to IRS rules and limitations.
How does the money grow?
Funds are invested in eligible mutual funds or exchange-traded funds (ETFs) that track certain U.S. equity indexes. Earnings grow tax-deferred while in the account.
What does not count toward the annual contribution limit?
Certain contributions are not counted, such as:
- The $1,000 pilot contribution
- Qualified general contributions
- Rollovers
Can an employer contribute?
Employer contributions may be allowed and are subject to a separate annual limitation.
Are contributions tax deductible?
Before age 18, contributions are generally after-tax. Taxes can apply later under IRA-style rules.
How are funds invested before age 18?
Before age 18, investments are limited to eligible broad U.S. equity index funds or ETFs, based on federal criteria.
Can the child withdraw money before turning 18?
During the growth period (generally before Jan 1 of the year the child turns 18), distributions are restricted and only allowed for specific reasons (like rollovers, excess contributions, or death).
What happens when the child turns 18?
Beginning Jan 1 of the year the child turns 18, the account is treated similarly to a traditional IRA. Early withdrawals may be subject to a 10% additional tax unless an exception applies (such as qualified higher education expenses or a first-time home purchase).
Limitations and important notes
- No contributions before July 4, 2026.
- Investment choices are restricted before age 18.
- Form 4547 must be filed with a return and cannot be added by amendment or extension.
- Some edge cases (like no filing requirement) are pending IRS guidance.
Additional Resources
For current information, see:
- Form 4547 Instructions
- IRS News Release IR-2025-117
- IRS Notice 2025-68
- Trump Accounts Official Website: https://www.trumpaccounts.gov/