The IRS has added a new feature to its online accounts: taxpayers can now view and electronically submit Trump Account elections directly through their IRS Individual Account. This is the first time the IRS is accepting these elections online.
What Is a Trump Account?
A Trump Account is a new type of tax-advantaged savings account for children, created under the One, Big, Beautiful Bill, signed into law on July 4, 2025.
• Can be opened for any child under age 18 by the end of the year the election is made
• The child must have a valid Social Security number (SSN)
• Parents, guardians, or other authorized individuals can open the account
• Designed to help children save for college, retirement, or building long-term wealth
The $1,000 Government Contribution
There is a one-time $1,000 pilot contribution from the U.S. Department of the Treasury available for eligible children who:
• Were born between January 1, 2025, and December 31, 2028
• Are U.S. citizens
• Have a valid Social Security number
How to Open or Track a Trump Account
The IRS now allows you to do this fully online through your IRS Individual Account:
• View the status of your Form 4547, Trump Account Election(s)
• Submit Form 4547 electronically — no paper filing required
For more information about Trump Accounts, visit trumpaccounts.gov.
Who Should Act Now?
• Parents or guardians of children born in 2025–2028 — your child may qualify for the free $1,000 contribution
• Anyone planning to open a Trump Account — you can now do everything online
• Non-residents and expats — the $1,000 pilot contribution is for U.S. citizens only, but if your child is a U.S. citizen, they may still qualify
Official IRS Sources
• Form 4547, Trump Account Election(s)
• One, Big, Beautiful Bill Provisions on IRS.gov
CPA Tips
• Act before year-end: The election must be made by December 31 of the year you want the account to start.
• Children born in 2025 qualify for the $1,000 seed money — check eligibility carefully, the child must be a U.S. citizen with an SSN.
• Expat families: If your child has U.S. citizenship, they may qualify even if parents are not U.S. citizens. Consult a CPA familiar with cross-border families.
• For your specific situation, consider consulting a licensed CPA or tax attorney.