IRS Form 4547 Instructions - Step-by-Step Filing Guide

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IRS Form 4547 Instructions – In the ever-evolving landscape of tax-advantaged savings options, the introduction of Trump Accounts represents a significant opportunity for families to secure financial futures for their children. As of 2026, IRS Form 4547 plays a pivotal role in this process, allowing eligible individuals to elect to establish these accounts and potentially secure a one-time $1,000 pilot program contribution from the U.S. Treasury. This comprehensive guide breaks down the IRS Form 4547 instructions, eligibility criteria, and a step-by-step filing process using the most current information from official sources.

Whether you’re a parent, guardian, or authorized family member, understanding how to file Form 4547 can help you navigate this new IRA-like vehicle designed for children’s long-term savings. Let’s dive into the details.

What Is IRS Form 4547 and Its Purpose?

IRS Form 4547, titled “Trump Account Election(s),” is a one-page form released by the Internal Revenue Service in December 2025. Its primary purpose is twofold:

Establishing an Initial Trump Account: It allows an authorized individual to make an election to open a Trump Account for an eligible child under age 18. This account functions as a type of traditional Individual Retirement Account (IRA) but with special rules during the child’s “growth period” (from account opening until December 31 of the year before they turn 18).
Electing the Pilot Program Contribution: For qualifying children born between January 1, 2025, and December 31, 2028, you can also elect to receive a $1,000 one-time contribution from the U.S. Treasury.

Trump Accounts were established under the Working Families Tax Cuts legislation, aiming to provide tax-advantaged growth for children’s savings. Unlike standard IRAs, these accounts have restrictions on investments (limited to eligible mutual funds or ETFs tracking U.S. companies) and distributions during the growth period. After the growth period, standard traditional IRA rules apply.

This form is essential for parents filing 2025 tax returns or making standalone elections in 2026, as contributions to Trump Accounts can’t begin until July 4, 2026.

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What Is a Trump Account?

A Trump Account is essentially a specialized traditional IRA set up exclusively for a child’s benefit. Key features include:

Ownership: The child is the account beneficiary and owner.
Trustee Requirements: Must be managed by a bank or IRS-approved nonbank trustee.
Contribution Types: During the growth period, contributions can come from the pilot program, qualified general contributions (e.g., from states or nonprofits), employer contributions under Section 128, rollovers from prior Trump Accounts, or other sources (limited to $5,000 annually, with sub-limits for employer contributions).
Tax Treatment: Contributions (except certain types) create basis, and growth is tax-deferred. No deductions under Section 219 are allowed.
Investment Limits: Only eligible investments like index-tracking mutual funds or ETFs.
Distribution Rules: Limited during growth period to rollovers, excess contribution returns, ABLE account transfers at age 17, or upon death.

These accounts encourage long-term savings, with no income inclusion for contributions and potential for tax-free growth if rules are followed.

Eligibility Requirements for Form 4547

Before filing, confirm eligibility to avoid processing delays.

For Establishing a Trump Account

The child must be under 18 at the end of the election year (e.g., born after December 31, 2008, for 2026 elections).
The child must have a valid Social Security Number (SSN) issued before the election.
No prior Trump Account election has been filed for the child.
The filer must be an authorized individual: legal guardian, parent, adult sibling, or grandparent (in that priority order).

For the $1,000 Pilot Program Contribution

Additional requirements:

The child is expected to be the filer’s qualifying child for the tax year.
Born after December 31, 2024, and before January 1, 2029.
U.S. citizen.
No prior pilot program election processed.
Valid SSN.

If the child isn’t a qualifying child as anticipated, the election may still hold if other criteria are met.

Step-by-Step Guide to Filing IRS Form 4547

Filing Form 4547 is straightforward, but accuracy is crucial. Here’s a detailed walkthrough based on the official instructions.

Step 1: Gather Required Information

Your (authorized individual’s) name, address, and SSN.
Child’s name, SSN, date of birth, relationship to you, and address.
Confirm eligibility for the account and pilot program (if applicable).

Step 2: Complete Part I – Authorized Individual’s Information

Enter your full name as on your Social Security card.
Provide your address, including county (or parish) and any foreign details if applicable.
Input your SSN (must match your Social Security card; use ITIN if you’re a nonresident alien without an SSN).

Step 3: Complete Part II – Child’s Information

Enter the child’s name (matching their Social Security card).
Specify your relationship (e.g., “son,” “daughter,” “grandchild”).
Provide the child’s address (check the box if it matches yours).
On line 6, check the box if electing to open the initial Trump Account.
If filing for multiple children, attach additional Forms 4547 (up to two children per form).

Note: If the child already has a Trump Account and you’re only electing the pilot contribution, skip line 6 but complete the rest of Part II.

Step 4: Complete Part III – Pilot Program Contribution Election (If Applicable)

On line 7, check the box if the child is eligible and you want the $1,000 contribution.
This part is optional but must align with eligibility rules.

By signing, you authorize the IRS and Treasury to create the account and disclose details to other authorized parties (e.g., parents or guardians).

Step 6: Sign and Date the Form

Sign under penalties of perjury (handwritten for paper filings; electronic per software rules).
Date the form.
If a paid preparer is involved, they must complete their section.

Step 7: Review for Accuracy

Double-check SSNs, names, and eligibility.
Attach Form 2848 if signed by a representative.

How to File and Where to Send Form 4547?

Electronic Filing: Preferred method. Attach to your e-filed 2025 tax return for fastest processing. Starting mid-2026, online filing options will be available at trumpaccounts.gov.
Paper Filing: Mail to the IRS address for your location (found at IRS.gov/PaperReturns; use the “Where to File” for returns with refunds or no payments). Do not attach to amended returns like Form 1040-X.

After filing, the Treasury will send activation info starting May 2026. You’ll need to authenticate and complete account setup. The pilot contribution will be made no earlier than July 4, 2026.

Important Tips and Future Developments

Recordkeeping: Keep records for at least as long as they’re material for tax purposes. Estimated time to complete: 13 minutes for recordkeeping, 31 minutes to learn the form, and 27 minutes to prepare/send.
Common Mistakes to Avoid: Ensure SSNs are valid for employment. Don’t file if a prior election exists.
Contributions Post-Filing: Once activated, contributions (up to limits) can start in July 2026.
Updates: Check IRS.gov/Form4547 for legislative changes or new guidance. Recent developments include Treasury guidance on Trump Accounts issued in December 2025.

By following these IRS Form 4547 instructions, you can efficiently set up a Trump Account and potentially boost your child’s savings with the pilot contribution. For personalized advice, consult a tax professional. This guide is based on information available as of February 2026.