Form 4547: the Trump account election, line by line

• Part I: the parent, guardian or other authorized individual, with name and SSN as on the Social Security card (an ITIN in limited cases).
• Part II: the child’s name, SSN, relationship and address; line 6 confirms authority to open the initial account. Use extra copies for more than two children.
• Part III, line 7: check to request the $1,000 pilot contribution for an eligible child.
• Part IV: consent for the IRS and Treasury to create and maintain the account.
• A paid preparer section, where it applies.

For the account itself, the child must be under 18 at the end of the election year, have a valid SSN issued before the election, and have no earlier Trump account election. For the pilot contribution the child must also be a US citizen, born after December 31, 2024 and before January 1, 2029, and expected to be the filer’s qualifying child for the year.

Annual contributions other than the pilot amount are limited to $5,000, of which an employer can give up to $2,500. Nothing can be deposited before July 4, 2026.

The fastest route is to e-file Form 4547 with the parent’s return. After filing, or for a later birth, the election can be made at trumpaccounts.gov. The instructions say not to attach it to Form 1040-X or amend a return just to add it. A representative can sign only with a power of attorney that specifically authorizes it, such as Form 2848.

• Ask every client with a child born in 2025 or later whether they want the election.
• Collect the child’s Social Security card before the return is filed.
• Note in the file if the parents prefer to make the election themselves online.