How to Open a Trump Account: Form 4547, the App, and the Deadlines That Matter

You open a Trump Account by filing IRS Form 4547, either with your tax return or online through the IRS’s Form 4547 election portal, including via an IRS Individual Online Account. The same 1-page form is where you elect the one-time $1,000 federal seed for eligible children born 2025 through 2028. The account must be opened while the child is under 18, and only 1 account per child is allowed.

Here’s the process end to end, including the details that trip families up.

Key Takeaways:

• File the 1-page IRS Form 4547 with your tax return, or complete it online through the IRS’s election portal via an IRS Individual Online Account.

• The $1,000 seed is elected on the same form and isn’t automatic.

• The child needs a work-eligible Social Security number and must be under 18 at year-end. Only 1 account per child.

• Contributions have a December 31 cutoff each year, capped at $5,000 combined from all private sources.

• Opening the account is free. Official channels are TrumpAccounts.gov, the officialapp, and IRS.gov.

What do you need before you start?

3 things. The child’s Social Security number, which must be valid for employment and issued before the election is made. The child’s birth date, which determines seed eligibility. And the right adult: if you’re claiming the $1,000 seed, the person filing generally must be able to claim the child as a dependent for the child tax credit. If no seed is involved, an authorized individual, a parent, legal guardian, adult sibling, or grandparent, can open the
account. There are no family income limits and nothing to fund upfront. Opening the account costs
$0.

How do you actually file Form 4547?

Pick 1 of 2 routes. File the 1-page Form 4547 with your federal tax return, or complete it online through the IRS’s Form 4547 election portal, which is accessible through an IRS Individual Online Account. TrumpAccounts.gov is the program’s official information hub, where you can learn the rules and monitor accounts, but the election itself runs through the IRS. If your child qualifies for the $1,000 seed, the election is part of the same form, generally a matter of checking the eligibility box. Submit it once: duplicate elections for the same child won’t be honored, because only 1 Trump Account per child is allowed.

After filing, you’ll receive instructions to activate the account, which includes an identity authentication step. Once activated, you manage the account through the Trump Accounts app, available in the Apple App Store, on Google Play, or via TrumpAccounts.gov. Bank of New York Mellon manages the initial accounts, and the money is invested in low-cost US stock index funds by law, so there are no investment menus to agonize over during childhood. [What Is a Trump Account?]

What are the deadlines?

3 dates matter. Account opening: the child must be under 18 at the end of the year in which the election is made, so for elections made in 2026, the child must have been born in 2009 or later. The seed window: only children born January 1, 2025 through December 31, 2028 qualify for the $1,000, and the election can be made any time during the growth period, though earlier is better because the seed is invested and delay costs compounding. Annual contributions: contributions count for the calendar year they’re made, with a December 31 cutoff each year, up to the $5,000 combined cap.

How do contributions work after the account is open?

Anyone can contribute cash to the account, up to $5,000 per year combined across all givers, with employer contributions of up to $2,500 counting inside that cap. Coordinate as a family before December, because exceeding the cap triggers a 6% annual penalty on the excess until it’s removed. Grandparents especially should read the coordination rules first. [The Grandparents’ Guide to Trump Accounts]

Before funding beyond the free money, it’s worth 10 minutes to confirm the Trump Account is the right destination for those specific dollars, versus a 529 for education or a Roth IRA for a working teen. [The Best Account for Your Child at Every Age]

How do you avoid the scams?

A new government program with the word “account” in it is a phishing magnet. 4 rules keep you safe. The official channels are IRS.gov (where Form 4547 lives), TrumpAccounts.gov (the information hub), and the official Trump Accounts app, full stop. The government won’t call, text, or email you asking for your child’s Social Security number
to “release” the $1,000. There’s no fee to open an account or claim the seed, so anyone charging one is selling you something at best. And beware lookalike websites: check the URL ends in .gov before entering anything.

What happens after you open it?

Track contributions annually, keep records of your after-tax contributions (that’s future tax-free basis, and decades from now someone will need the paper trail), and revisit the account when your child starts earning income and again at 17, when the age 18 conversion planning starts. [Trump Account vs. Roth IRA for Kids] The account you open with 1 form this month becomes your child’s first retirement account. That’s a sentence no parent  could say before July 4, 2026.

Common Mistakes:

1. Waiting on the seed election and losing years of compounding on free money.

2. Filing duplicate elections. Only 1 account per child is honored.

3. Falling for lookalike websites and unsolicited calls. Nothing official charges a fee.

4. Missing the December 31 contribution cutoff for the year.

5. Funding past the free money before confirming the dollars belong here instead of a 529 or a Roth.