By Tian Jingxin
As the 2026 tax-filing season begins, the newly launched U.S. “Trump Accounts” child savings program has entered a critical pre-implementation stage. Parents hoping to save long term for their children’s future education, home purchases, or entrepreneurship must complete and submit IRS Form 4547 (Trump Account Elections) during this year’s tax filing to register eligibility. This step is required to open an account.
Trump Accounts are federally supported, tax-advantaged savings accounts designed for minors under the age of 18. Under current rules, any U.S. child with a valid Social Security number may open an account. However, children eligible for the government’s $1,000 “seed funding” must be born between Jan. 1, 2025, and Dec. 31, 2028.
To register a child for a Trump Account during this tax season, parents or legal guardians must submit IRS Form 4547 to formally declare the establishment of the account and complete eligibility verification. This includes opening the account and optionally applying for the government’s $1,000 pilot program contribution. The form requires the child’s name, Social Security number, address, and information on the parent or guardian as the “authorized individual.” After submission, the U.S. Treasury Department or its designated agents will begin sending further account-opening instructions and identity verification procedures starting in May 2026.
According to IRS guidance, Form 4547 is not only used to establish a child’s initial account but may also be refiled during the account’s “growth phase”—defined as the period from account creation until the year before the child turns 18. Parents may resubmit the form to correct omissions, add a newly issued Social Security number, or change guardianship information. Such filings do not constitute reopening the account and do not qualify the child for an additional $1,000 government contribution.
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Funding sources for Trump Accounts include:
Funds not limited to educational expenses
Unlike traditional 529 education savings plans, Trump Account funds are not limited to educational expenses. After reaching adulthood, the funds may be used for broader purposes, including purchasing a home, starting a business, or further investment. Account assets must be invested in qualified U.S. stock index funds and will convert to general IRA-like rules when the child turns 18.
The Treasury Department and the Council of Economic Advisers estimate that if families contribute the maximum amount annually and invest in appropriate low-cost index funds, a child’s Trump Account could exceed $1 million by age 28, assuming reasonable investment returns.
The official launch date for opening Trump Accounts is set for July 5, 2026, shortly after U.S. Independence Day. IRS Form 4547 may be submitted together with the 2025 tax return during tax season, or filed separately by mail or online (with online filing expected to become available mid-season via the official website).