IRS Form 4547: Everything You Need to Know

IRS Form 4547 (Trump Account Election(s)) is the official form used to open a Trump Account for your child and, if eligible, request the $1,000 federal pilot deposit. It is filed with your federal tax return or submitted separately to the IRS.

You can download Form 4547 from IRS.gov or the trumpaccounts.gov portal. Your tax software may also include it when you prepare your 2025 return.

Three options: (1) Attach it to your 2025 federal tax return (due April 15, 2026). (2) Submit it through the trumpaccounts.gov portal. (3) Print and mail Form 4547 to the IRS address on the form / IRS paper-return locator.

You will need: your child's full legal name, date of birth, and Social Security Number (SSN); your name and taxpayer ID (SSN or ITIN); your contact information; and your preferred eligible index fund. The filer becomes the "responsible party" who manages the account until the child turns 18.

Yes. You can include up to two children per form. If you have more than two eligible children, file additional copies of Form 4547.

No. While attaching Form 4547 to your 2025 tax return is the fastest option, you can also submit it separately by mail or through the trumpaccounts.gov online portal once it launches in mid-2026.

Some tax software providers may not support electronic filing of Form 4547 initially. Check with your tax software provider. If e-filing is not available, you can paper-file the form with your return or mail it separately.

An "authorized individual" must file the form. The priority order is: (1) parent, (2) legal guardian, (3) adult sibling, (4) grandparent. The filer becomes the responsible party who manages the account during the growth phase.

Only if no parent or legal guardian is available or willing to file. The IRS follows a priority order: parent first, then legal guardian, then adult sibling, then grandparent. However, grandparents can contribute to an account opened by a parent.

The IRS processes the election and works with the Treasury Department to create the account. A partner financial institution will contact you for account setup details. If your child qualifies for the $1,000 pilot deposit, it will be deposited into the account. Contributions can begin as of July 4, 2026.

The child must have a valid SSN. However, the authorized individual (parent/guardian) filing the form can use an ITIN. This allows U.S. citizen children in mixed-status families to receive a Trump Account.

There is no strict deadline to open a Trump Account. However, filing with your 2025 tax return (due April 15, 2026) is the earliest option. The sooner you file, the sooner the account starts growing. Children must be under 18 at the end of the election year.

The IRS guidance allows for changes to the responsible party in certain circumstances, such as death, incapacity, or change in legal guardianship. Contact the IRS or the account custodian for the process.

Errors like an incorrect SSN can delay processing by weeks. Double-check all information before submitting. If you discover an error after filing, contact the IRS to request a correction.

Not yet. Sens. Capito and Justice introduced a bill to create Trump Accounts through SSA’s Enumeration at Birth process when a newborn’s birth is registered. That is proposed legislation only. Until it becomes law and is implemented, Form 4547 (or trumpaccounts.gov) remains the way to elect. See Are Trump Accounts automatic?.