The election can also be made through the online tool at trumpaccounts.gov. The new IRS Individual Account feature gives families another way to handle the election and follow its status in one place.
What is a Trump Account?
Trump Accounts were created by the One Big Beautiful Bill Act (P.L. 119-21), enacted July 4, 2025, under new Code Section 530A. They are a new type of individual retirement account (IRA) for children, but not a Roth IRA. Special rules apply during the account’s growth period, which generally ends before January 1 of the calendar year in which the child turns 18. The IRS has described how the accounts and elections work in Notice 2025-68 and in proposed regulations issued in 2026.
A parent, guardian, or other authorized person can establish an account for an eligible child. In general, the child must not have turned 18 before the close of the calendar year in which the election is made, and must have a Social Security number that was issued before the election date.
A one-time $1,000 contribution from the Department of the Treasury is also available under a pilot program. It applies to eligible children born in 2025 through 2028 who are U.S. citizens and have a valid Social Security number. This contribution is not automatic; a qualifying election must be made for the Treasury to fund it. Pilot program contributions will be deposited no earlier than July 4, 2026.
In general, contributions made before the calendar year in which the beneficiary turns 18 are subject to a $5,000 annual limit, adjusted for inflation after 2027. That limit does not apply to qualified rollover contributions, qualified general contributions, or pilot program contributions. Contributions cannot be made before July 4, 2026.
Why this matters
The online option gives families an electronic method to submit Form 4547 and monitor status, rather than relying solely on paper filing.
Families can check the status of a submitted Trump Account election by signing in through the IRS Trump Accounts page. The official Trump Accounts site, trumpaccounts.gov, also provides account information and access to Form 4547.
The $1,000 Treasury contribution is also time-sensitive. It is tied to a pilot program for children born in 2025 through 2028 and must be affirmatively elected, so families with a child in or near that window have a reason to look at this sooner rather than later.
The rules also include some important planning limits. Trump Accounts generally cannot receive contributions before July 4, 2026, and distributions are restricted during the growth period. Employer contributions may receive special income exclusion treatment if made under a qualifying written plan, but those rules are separate from the family election process.
What families should consider
Families with young children may want to review:
- Whether the child meets the age and Social Security number requirements
- Whether a child born in 2025 through 2028 qualifies for the $1,000 Treasury contribution, and that the contribution requires an election
- How the annual contribution limit applies, including the exceptions for qualified rollover contributions, qualified general contributions, and pilot program contributions
- How a Trump Account fits alongside other savings options, such as 529 plans and custodial accounts
- Who will manage the election and ongoing contributions, keeping in mind that funding cannot begin before July 4, 2026
- Whether any employer contribution option becomes available and how that would coordinate with the family’s broader savings plan
Setting up an IRS Individual Account ahead of time is also worthwhile, since the new online election runs through it.
Need help with Trump Account planning?
We can help you confirm whether your child is eligible, walk through the election on Form 4547 or at trumpaccounts.gov, and evaluate how a Trump Account fits with your family’s broader savings and tax planning.
Sincerely,
Abeles and Hoffman, P.C.
