Form 4547: How to Establish a Trump Account for Your Child and Elect Pilot Program Contribution

Overview of What is Form 4547 and its Purpose

What is Form 4547?

• Form 4547 is used by an authorized individual to make an election to establish an initial Trump account for a child who is eligible for such an account.
• It is also used to elect a $1,000 pilot program contribution from the U.S. Treasury to a child’s Trump account, if eligible.
• A Trump account is a type of traditional IRA established for the exclusive benefit of a child, with the child as the account beneficiary.
• The form allows authorized individuals, such as parents, legal guardians, adult siblings, or grandparents, to open the account on behalf of the child.

Purpose of Form 4547

• To enable the creation of a Trump account for a minor child, which functions as a special type of IRA during a designated growth period.
• To facilitate a $1,000 pilot program contribution from the Treasury, subject to eligibility criteria.
• To designate an authorized individual who will act as the responsible party for the account until the child reaches age 18.
• To authorize the IRS and Treasury to create and manage the account and disclose its existence to permitted individuals.
• To ensure compliance with special rules during the growth period, including investment restrictions and contribution limits

Who Needs to File Form 4547?

• Form 4547 must be filed by an authorized individual who wishes to establish an initial Trump account for a child under age 18 or to elect a $1,000 pilot program contribution from the U.S. Treasury to the child’s Trump account.
• Authorized individuals include legal guardians, parents, adult siblings, or grandparents, in that order of priority, depending on whether the election includes a pilot program contribution.
• For elections including the pilot program contribution, the authorized individual must anticipate that the child will be their qualifying child for the tax year of the election.
• The child must have a valid Social Security Number (SSN) issued before the election and must not have had a prior Trump account election filed on their behalf.

Filing Requirements

• Form 4547 can be filed at any time, including with the current-year income tax return.
  It may be filed electronically with an e-filed tax return or on paper, mailed to the IRS address for paper returns as specified on IRS.gov/PaperReturns.
• Do not attach Form 4547 to Form 1040-X or amend Form 1040, 1040-SR, or 1040-NR to include it.
  For paper filings, a handwritten signature is required; electronic signatures follow software or preparer instructions.
• Form 4547 must be signed and dated by the authorized individual; if signed by a representative, a power of attorney (Form 2848) must be attached.

General Instructions

• The authorized individual becomes the responsible party for the Trump account while the child is a minor and may manage investments, rollovers, and designate a successor.
• The growth period ends on December 31 of the year before the child turns 18; after that, standard IRA rules generally apply.
• Special rules during the growth period include restrictions on distributions, no deduction for contributions under section 219, and specific investment limitations.

Key Sections Form 4547: Important parts of the form and what they cover

Part I: Parent/Guardian or Other Authorized Individual Information

• Requires the name, address, and SSN of the authorized individual making the election.
• Includes relationship to the child and confirms the individual’s authority to open the Trump account.
• Designates the responsible party for the account while the child is a minor.

Part II—Child’s Information

• Relationship: Enter the child’s relationship to you (e.g., son, daughter, grandchild, ward).
• Address: If the child lives with you at the address provided in Part I, check the box. Otherwise, provide the child’s address in the spaces for lines 5a–i. Include city, province/state, and postal code as per the country’s format. Do not abbreviate the country name.
• Foreign address: If the child has a foreign address, enter only the city name on the appropriate line. Complete the remaining address details below that line, following the country’s postal conventions.
• Line 6: Check the box if you are authorized to open the initial Trump account for the child. If the child already has an open Trump account and you are filing only to elect the pilot program contribution, complete all of Part II (except line 6) along with Part III.

Part III—Pilot Program Contribution Election

• Line 7: Check the box if the child is eligible for and you want them to receive a pilot program contribution. Eligibility requires the child to be anticipated as a qualifying child of the authorized individual, born between January 1, 2025, and December 31, 2028, not have had a prior pilot program contribution election, be a U.S. citizen, and have a valid SSN.
• Even if a child is not eligible for the pilot program contribution, the election to open an initial Trump account must still be made on Form 4547.
• For more information, including online filing availability starting mid-2026, visit trumpaccounts.gov.
• If a child is not eligible for the pilot program contribution, do not check the box on line 7.

Part IV—Consent To Disclose Information

• Requirements for a paper Form 4547: Must include a handwritten signature; digital, electronic, or typed-font signatures are not valid for paper filings.
• Requirements for an electronic Form 4547: Signing requirements vary based on whether tax software or a tax practitioner is used; follow the specific instructions provided by the software or practitioner.
• Paid Preparer Section: If filed by a paid preparer, this section may be completed by the preparer.

What's New for Form 4547: Recent tax law changes and updates for the current year

What Is a Trump Account?

• A Trump account, as described in Form 4547, is a type of traditional individual retirement account (IRA) established for the exclusive benefit of a child.
• The child listed in Form 4547, Part II, is the owner of this account, also referred to as the "account beneficiary." Parents, guardians, or other authorized individuals can elect to establish a Trump account for eligible children.
• If the child was born after December 31, 2024, and before January 1, 2029, is a U.S. citizen, and meets certain other requirements, the authorized individual may also elect to receive a $1,000 pilot program contribution to the child’s Trump account.
• Both elections can be made on Form 4547 and filed at the same time as the authorized individual’s 2025 income tax return.

Taxpayers Affected by Form 4547 Updates

• Form 4547 is used by authorized individuals to make elections for establishing an initial Trump account for a child or to request a $1,000 pilot program contribution from the U.S. Treasury.
• Taxpayers affected include parents, guardians, or other authorized individuals who anticipate the child will be their qualifying child for the tax year in which the election is made.
• These elections can be made when filing the current-year e-filed tax return, or separately at any time, including after filing the return if a qualifying event occurs (e.g., birth of a child).
• For paper filings, Form 4547 must be mailed to the address specified at IRS.gov/PaperReturns for the tax year of the election, and should not be attached to Form 1040-X or amended returns.
• Additional guidance and updates on online filing options (available starting mid-2026) can be found at trumpaccounts.gov.

Example Scenario Showing How the Form 4547 Changes Apply

Trump Account Election(s)

• Jane and John Doe welcomed their daughter, Emma, on May 10, 2025. Because Emma is a U.S. citizen born after 2024 with a valid Social Security number, she is eligible for the newly established Trump account program.
• To set Emma up for long-term financial success, her parents completed IRS Form 4547 while filing their 2025 federal income tax return. By submitting this form, they made two key elections: opening Emma’s account and claiming the $1,000 federal pilot program contribution.
• This process notified the Treasury to establish the account with a qualified trustee and deposit the government’s seed money. The $1,000 contribution is tax-free for both the parents and Emma, and the funds will grow tax-deferred—much like a traditional IRA—until she reaches eligibility for withdrawal. Through this early start, Jane and John successfully leveraged a government-supported incentive to build a foundation for their daughter’s future retirement.

Authorized Individual Requirements

• Lisa Patel, a guardian in Denver, Colorado, is filing Form 4547 for her niece, Maya, who is 8 years old and lives with her full-time. Lisa anticipates Maya will be her qualifying child for the tax year.
• Lisa checks both boxes on Form 4547—line 6 for opening an initial Trump account and line 7 for the pilot program contribution.
• After filing electronically with her 2025 return, Lisa receives confirmation from the Treasury Department that Maya’s account has been established.
• The election remains valid even if Maya does not meet dependency criteria later, as long as she satisfies other eligibility requirements for the pilot contribution.

Related Schedules, Forms for Form 4547

Forms to Reference When Filing Form 4547

• Form 1040, 1040-SR, or 1040-NR: Do not amend these forms to attach Form 4547. However, Form 4547 may be filed with the current-year e-filed tax return, so understanding these forms is important for timing and filing context.
• Form 1040-X: Do not attach Form 4547 to Form 1040-X. This form is for amending previously filed returns, and Form 4547 should not be included in such amendments.
• Form 2848: Required if a representative signs Form 4547 on behalf of the authorized individual. A power of attorney must be attached to authorize the representative.
• Form 4547 itself: Must be completed in full, including Parts I (Authorized Individual), II (Child’s Information), III, and IV, depending on the election being made (initial Trump account or pilot program contribution).
• IRS.gov/PaperReturns: Use this resource to find the correct mailing address for paper filings of Form 4547.
• trumpaccounts.gov: Visit this site for information on online filing options, eligibility, and updates regarding Trump account elections.
• IRS.gov/Form4547: Check for the latest developments, legislative changes, or updates to Form 4547 and its instructions.

Common Mistakes to Avoid on Form 4547

• Incorrect or incomplete name and SSN: Ensure the child’s name and Social Security Number on Form 4547 exactly match the information on their Social Security card. Any mismatch may delay or invalidate the election.
• Missing or unsigned form: Form 4547 is invalid if not signed and dated by the authorized individual. If a representative signs, a valid power of attorney (Form 2848) must be attached.
• Incorrect address information: If the child lives at the same address as the authorized individual, check the appropriate box. Otherwise, provide the child’s full address in Part II, lines 5a–i.
• Failure to attach required forms: Do not attach Form 4547 to Form 1040-X or amend Form 1040, 1040-SR, or 1040-NR to include it. It must be filed separately as instructed.
• Incorrect filing status or dependent information: Ensure the authorized individual qualifies as the child’s parent or guardian for the tax year. The child must meet eligibility requirements for the Trump account and pilot program contribution.
• Missing consent to disclose information: Part IV requires consent for disclosure of information. Failure to complete this section may result in processing delays or rejection.
• Incorrectly listing multiple children: If more than two children are involved, attach additional copies of Form 4547 for each child, ensuring all required information is provided for each.

Helpful Tips for Completing Form 4547: Best Practices

General Guidance

• File Form 4547 with your current-year e-filed tax return for the fastest, safest, and easiest processing.
• Ensure all information matches your Social Security card, especially name and SSN, to avoid processing delays.
• Do not attach Form 4547 to Form 1040-X or amend Form 1040, 1040-SR, or 1040-NR to include it.
• For paper filing, mail to the address listed at IRS.gov/PaperReturns for the tax year of the election.

Part I: Authorized Individual Information

• Report any name changes (e.g., due to marriage or divorce) to the SSA before filing.
• Print or type your address clearly. For foreign addresses, do not abbreviate country names and follow local postal format.
• Handwrite your signature if filing on paper; digital or typed signatures are invalid.

Part II: Child Information

• Complete all required fields for each child, including name, SSN, and address.
• If filing only for a pilot program contribution, complete Part II (except line 6) and Part III.
• For foreign addresses, enter city on the designated line and complete remaining fields below.

Part III: Pilot Program Contribution Election

• Check line 7 for each child if you want them to receive the $1,000 pilot program contribution.
• The child must be anticipated to be a qualifying child for the tax year of the election.
• Contributions are not taxable when made and do not create basis in the account.

Part IV: Consent to Disclose Information

• By completing Form 4547, you authorize the IRS and Treasury to create and manage the Trump account for the child.
• Ensure you are authorized to make the election (parent, guardian, adult sibling, or grandparent in order of priority).
• Sign and date the form; if prepared by someone else, you remain responsible for accuracy.

Source

• For more up-to-date information visit https://www.irs.gov Government website.
• Refer to the Instructions for Form 4547 for detailed information.