Trump Accounts: IRS Releases Guidance
- Jana
- Mar 9
- 2 min read
The Treasury Department and IRS recently issued proposed regulations explaining how families can open new Trump Accounts and qualify for a $1,000 government contribution for eligible children.
Trump Accounts were created under the One, Big, Beautiful Bill enacted July 4, 2025 and are designed to help families begin saving for children early in life.
$1,000 Government Contribution for Eligible Children
Under the new Trump Account Pilot Program, the Treasury Department will deposit a one time $1,000 contribution into the account of each eligible child if a proper election is filed.
To qualify, the child must:
• Be born between 2025 and 2028
• Be a U.S. citizen
• Have a Social Security Number
• Have no prior pilot election filed
The election must generally be made by an individual who expects the child to be their qualifying child for the year, typically a parent or guardian. In some cases, expecting parents may make the election before the child is born.
How to Open a Trump Account
Families can open an account by filing Form 4547, Trump Account Election(s) either:
• With their tax return, or
• Through an online IRS portal
The form can also be used to request the $1,000 pilot program contribution.
The election to open an account must be made by December 31 of the year the child turns 17.
Who Can Open the Account
If a parent or guardian does not make the election, the IRS proposed priority order is:
Legal guardian
Parent
Adult sibling
Grandparent
The individual who opens the account generally becomes the responsible party and manages investment choices and account actions until the child reaches legal capacity.
Next Steps
These regulations are currently proposed and open for public comment, meaning additional guidance may still be issued before the rules are finalized.
Families interested in participating should watch for updates and review the new Form 4547 election process.
More information is available at trumpaccounts.gov and IRS.gov.
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