Trump Account Form (IRS Form 4547): Complete Filing Guide

IRS Form 4547 — commonly called the Trump Account form — is the official IRS form that opens a Trump Account for your child. It was created under IRC Section 530A as part of the One Big Beautiful Bill Act (OBBBA). Without this form, your child does not get an account and does not receive the $1,000 federal deposit.

This guide walks you through every section of Form 4547: what it asks, how to fill it out, where to file, and how to avoid the mistakes that delay processing.

What Is Form 4547?

IRS Form 4547 is officially titled "Trump Account Election(s)." It is a one-page IRS form that does three things:

1. Opens a Trump Account for your child under IRC Section 530A.
2. Elects the pilot deposit — the $1,000 federal contribution for children born 2025-2028.
3. Designates an authorized individual (usually a parent) to manage the account until the child turns 18.

The form was introduced after IRS Notice 2025-68 was published on 2025-12-03. It is filed once per child. You do not need to file it every year.

Who Needs to File Form 4547?

Any parent or legal guardian of a U.S. citizen child under 18 with a valid SSN. There are no income restrictions. Whether you earn $30,000 or $3 million, you file the same form.

The IRS follows a priority order for who can file:

1. Parent (biological or adoptive) — files first
2. Legal guardian — if no parent is available
3. Adult sibling — if no parent or guardian
4. Grandparent — last in priority

If a lower-priority person files when a higher-priority person is available, the IRS may reject the form.

What Information You Need

Have these ready before you start:

How to Fill Out Form 4547: Section by Section

Section 1: Child Information

Enter your child's full legal name, SSN, and date of birth. If filing for two children, enter both here. Each form can handle up to two children.

Section 2: Authorized Individual

This is you — the parent or guardian making the election. Enter your name, SSN (or ITIN), and address. The authorized individual manages the account until the child turns 18.

Section 3: Pilot Deposit Election

If your child was born between January 1, 2025 and December 31, 2028, check the box to elect the $1,000 federal pilot deposit. This is the most commonly missed step.

Section 4: Investment Election

Choose an eligible index fund. All funds must track the S&P 500 or a broad U.S. equity index with expense ratios at or below 0.1%.

You can change your fund selection later through your custodian. But you need to pick one to submit the form.

Section 5: Signature and Date

Sign and date the form. If e-filing, your electronic signature counts. If mailing, sign in ink.

Three Ways to File Form 4547

Option 1: With Your 2025 Tax Return (Recommended)

Attach Form 4547 when you file your 2025 taxes. The deadline is April 15, 2026 (October 15 with an extension). This is the fastest way to activate the account.

Works with both paper and electronic filing. Check that your tax software supports Form 4547 — most major providers (TurboTax, H&R Block, FreeTaxUSA) are expected to include it.

Option 2: Through trumpaccounts.gov

The online portal launches in mid-2026. You can file Form 4547 directly without waiting for tax season. Good if you miss the tax deadline or want to file outside of tax season.

Option 3: By Mail

Print, sign, and mail Form 4547 to the IRS address listed on the form. This works year-round but is the slowest option (4-8 weeks for processing).

After You File: What Happens Next

1. IRS processes the form — typically 2-4 weeks for electronic, 4-8 weeks for mail.
2. Account is established — your chosen custodian sets up the account.
3. Pilot deposit is credited — the $1,000 goes into your chosen index fund (if eligible).
4. You can start contributing — up to $5,000/year from all sources.

You will receive a confirmation notice from the IRS. Keep it with your copy of Form 4547 for your records.

Common Mistakes to Avoid

The biggest errors parents make on Form 4547:

• Forgetting the pilot deposit checkbox — this is not automatic. Check the box or your child starts with $0.
• Wrong SSN — one transposed digit causes weeks of delay.
• Filing out of priority order — a grandparent filing when a parent is available can cause rejection.
• Not choosing an index fund — leaving the investment section blank delays processing.
• Filing one form for 3+ children — each form covers only 2 children.

For the full breakdown, see our guide on 8 common mistakes when filing Form 4547.

Form 4547 at a Glance

Form 4547 is the single most important step in getting your child's Trump Account started. It takes 15-30 minutes. The $1,000 deposit alone could grow to $4,000-$6,000 by age 18. Don't leave free money on the table.

Ready to open an account? See our full step-by-step guide or check key dates and deadlines.