Trump Accounts Go Digital: IRS Individual Account Access and Key Eligibility Rules

Trump Accounts are becoming easier for families to manage, thanks to new digital tools. Taxpayers can now use their IRS Individual Account (https://www.irs.gov/) to view and submit Trump Account elections, track Form 4547 status, and monitor the process online. Families may also use the Trump Account app to access account information more conveniently.

A Trump Account is a tax-advantaged account for eligible children. It is generally treated like a traditional IRA, but special rules apply before the child turns 18. During that period, distributions are generally prohibited, contributions are limited, and investments must be restricted to certain low-cost index mutual funds or ETFs.

One of the most significant features is the one-time $1,000 government-funded pilot program contribution. If a valid election is made, Treasury deposits $1,000 directly into the child’s Trump Account.

To qualify for that initial $1,000 deposit, the child must:

• be the taxpayer’s qualifying child for the year of the election,
• be born after December 31, 2024, and before January 1, 2029,
• be a U.S. citizen,
• have a valid Social Security number issued before the election, and
• not already have had a pilot program election made on their behalf.

The child must also have a Trump Account established, since the deposit is made directly into that account. Form 4547 is used both to establish the account and request the pilot contribution, and taxpayers can now submit that form electronically through their IRS Individual Account (see link above).

Even if a child does not qualify for the $1,000 pilot deposit, a Trump Account may still be opened if the child is under age 18 and has a Social Security number issued before the election date. Annual non-exempt contributions are generally limited to $5,000. 

In short, the new IRS online tools and Trump Account app make the election process more accessible, while the $1,000 pilot deposit offers an early benefit for eligible families.