IRS Form 4547: The Trump Account Form Explained
Form 4547 is how you open a Trump Account for your child on paper and how you claim the one-time $1,000 government deposit for children born 2025 through 2028. It is short, but it contains two separate elections and one timing trap that costs people the money.
What Form 4547 does
The form, officially called Trump Account Election(s), makes up to two elections per child.
The first is the account election. It authorizes the IRS and Treasury to create the Trump Account itself. The second is the pilot contribution election, a single checkbox that requests the $1,000 Treasury deposit for eligible children born January 1, 2025 through December 31, 2028. These are separate. You can open an account without checking the box, and then no $1,000 arrives. If your child qualifies, check it.
One form covers up to two children. More kids, more forms.
Who can file it
Whoever files becomes the account's responsible party and manages it until the child turns 18. The rules set a priority order: first the parent who can claim the child as a dependent, then either parent, then a legal guardian or a grandparent. So yes, a grandparent can open a Trump Account, but only when a parent has not. For the $1,000 election specifically, the child must be your qualifying child for the year you file.
Only one account election and one $1,000 election are allowed per child. The form's consent section lets the IRS disclose the account's existence to the other parent, which is how duplicates get blocked.
The parts, briefly
Part I is your information as the responsible party. Part II is the child's information, including their Social Security number and date of birth. Part III is the $1,000 checkbox. Part IV is your signature and consent.
The SSN timing trap
The account election needs the child to have an SSN. The $1,000 election needs an SSN that was issued before you file the election. That matters for newborns. If you are still waiting on the Social Security Administration to mail your baby's number, filing early can cost you the deposit. Wait for the card, then file.
You may not need the paper form at all
The same elections can be made online at trumpaccounts.gov or through the official Trump Accounts app, and most major tax software now attaches Form 4547 to your federal return. Millions of families used the online route when early access opened. Paper, portal, or tax software, the result is identical: the account is created, and if you made the $1,000 election, Treasury deposits it directly into the account. The money never passes through your hands.
After you file
Once the account exists, family and friends can contribute up to $5,000 per year combined, and an employer can add up to $2,500 of that tax free. The money is invested in low cost US index funds until the child turns 18. Run projections with the Trump Account calculator, and if your child was born before 2025, check the $250 Dell Foundation deposit instead.
Frequently asked questions
What is IRS Form 4547?
The Trump Account Election(s) form. It opens a Trump Account for a child under 18 and, through a separate checkbox, claims the one-time $1,000 Treasury deposit for children born 2025 through 2028.
Do I file Form 4547 with my tax return?
You can. Most tax software attaches it to your federal return. You can also skip the form entirely and make the same elections online at trumpaccounts.gov or in the official app.
Can a grandparent file Form 4547?
Yes, in the priority order. A parent who claims the child files first, then either parent, then a legal guardian or grandparent. Anyone can contribute money to the account once it exists, regardless of who opened it.
Why was my Form 4547 or online election rejected?
The most common cause is the SSN. The $1,000 election requires the child's SSN to be issued before the election is filed, and mismatches between the SSN, name, and birth date on file with the Social Security Administration cause automatic rejections. Verify the child's records with the SSA, wait for a newborn's card to arrive, then refile.