Free IRS Form 4547 | Trump Account Elections

Children are the primary beneficiaries of Form 4547, as it allows an investment account to be opened and a federal pilot contribution to be elected in their name. However, the form must be completed and filed by an authorized individual. Who qualifies as an authorized individual depends on the reason for filing Form 4547.

Authorized Individuals When Opening a Trump Account

If the authorized individual is only filing Form 4547 to open a Trump account, they can be any of the following individuals (listed in order of priority):

• Legal guardian
• Parent
• Adult sibling
• Grandparent of the child

If more than one person fulfills the requirements to be an authorized individual, subject to the order of priority, any authorized individual can make the election. For example, if the child’s parent or legal guardian is unavailable to make the election, an adult sibling can make the election regardless of their filing status.

Authorized Individuals When Electing the Pilot Contribution

If the authorized individual is filing Form 4547 to elect to open a Trump account and request the pilot contribution, they must meet different requirements.

You can open a Trump account and elect the pilot contribution if you reasonably expect the child to be your qualifying child for the applicable tax year. Even if you don’t end up claiming them as a dependent, they can still receive the pilot contribution as long as the child otherwise meets the program’s requirements.

Filling out Parts I, II, and IV of Form 4547 lets you open a Trump account for an eligible child. You can also complete Part III of the form to elect to receive the pilot program contribution or skip it if your child doesn’t qualify. Review these Form 4547 instructions below to get started.

Part I – Authorized Individual Information

As the authorized individual who is opening the Trump account, provide the following information about yourself:

• Full legal name
• Social Security number
• Home address
• Date of birth
• Phone number and home address

Part II – Child’s Information

You can fill out Form 4547 for up to two children. Within Part II, provide the following information for each child:

• Full legal names
• Social Security numbers
• Date of birth
• Your relationship to them
• Home address (if the address is different than the one in Part I, complete lines 5a through 5f)

If you want to open a Trump account for more than two children, attach additional copies of Form 4547 as needed to provide the requested information for each child.

Part III – Pilot Program Contribution Election (If Applicable)

Check the boxes for each child whom you want to receive a pilot program contribution. Ensure that the child meets the following requirements:

• Be born between January 1, 2025, and December 31, 2028
• Be a qualifying child of the individual opening the Trump account
• Be a US citizen
• Have a valid Social Security number

Part IV – Consent to Disclosure Information

Sign your name to authorize the IRS, Treasury, and their agent(s) to create a Trump account for the children you listed on the form. Your signature also confirms that the IRS, Treasury, and their agents can disclose the fact that a Trump account has been established.

View an example of Form 4547 to see how to elect to open a Trump account and request the pilot contribution if your child meets the requirements. Fill out Form 4547 with Legal Templates’s PDF editor, then download it in PDF format to prepare to send it to the IRS along with your 1040 form.

Form 4547 was introduced in December 2025, making the 2026 tax year the first year it’s filed. It’s due April 15, 2026, along with Form 1040. You can file your Form 4547 along with Form 1040 electronically with the IRS or on paper. Meet the April 15, 2026, deadline to prevent delays with the opening of your child’s Trump account.

You may be able to file Form 4547 at a later date via an online portal that will open up on the official Trump Accounts website. This portal is expected to open mid-2026.

Once you file Form 4547 by April 15, 2026, you must wait until May 2026 to receive instructions from the Treasury Department to activate your child’s Trump account. If you elect for the pilot contribution, you won’t be able to see it before July 4, 2026, when contributions begin to be deposited.

If you’d like to make additional contributions for your child, you can do so after July 4, 2026. Trump accounts have an annual limit of $5,000 per year. The pilot contribution does not count toward annual limits.

If your child does not meet the age requirements for a pilot contribution, they may still qualify for money to be added to their account. Michael and Susan Dell of OneDell have pledged to donate $250 to children under 10 who come from lower-to-middle income families. This charitable donation helps fund more children’s Trump accounts who don’t qualify for the federal seed contribution.

A Trump account is just one type of account that parents can open for their children. Look at the differences between the Trump account, the 529 plan, a custodial Roth IRA, and a Uniform Gifts to Minors (UGMA) account to find which one works for your situation:

• Trump account: Best for families who want to invest early and potentially receive a federal pilot contribution.
• 529 plan: Best for families who are focused on education costs.
• Custodial Roth IRA: Best for families who have a working child and want early retirement savings.
• UGMA account: Best for families who want simple, flexible investing.