On March 31, 2026, the IRS announced that taxpayers had signed up more than 4 million children for tax-favored Trump Accounts. More than 1 million of those children were covered by elections for the federal $1,000 pilot program contribution.
Those figures were based on Forms 4547 submitted to the IRS as of the announcement date. They are a snapshot, not a final enrollment count.
What Is a Trump Account?
A Trump Account is a new type of individual retirement account for an eligible child. It was established under the One, Big, Beautiful Bill Act, signed into law on July 4, 2025.
Parents, guardians, and other authorized individuals can request that an initial account be established for an eligible child.
Who Is Eligible?
To Establish an Account
The child generally must:
- Not have turned age 18 before the end of the calendar year in which the election is made
- Have a valid Social Security number issued before the election
- Not already have a Trump Account election filed on their behalf
To Receive the $1,000 Pilot Contribution
The child must:
- Be born between January 1, 2025, and December 31, 2028
- Be a U.S. citizen
- Have a valid Social Security number
The federal pilot contribution is a one-time seed contribution.
When Can Contributions Begin?
Trump Accounts cannot be funded before July 4, 2026.
The IRS says authorized contributions from individuals and employers are generally allowed up to $5,000 per year. Employers can contribute up to $2,500 per year toward an employee’s or dependent’s Trump Account without the contribution counting as taxable income for the employee.
How to Submit an Election
Use Form 4547, Trump Account Election(s) to request establishment of an initial account and, when eligible, the $1,000 pilot contribution.
The IRS instructions state that Form 4547 can be filed at any time, including with an income tax return. As of May 28, 2026, taxpayers can also submit a Form 4547 election and view its status in their IRS Individual Online Account.
Do not amend Form 1040 or attach Form 4547 to Form 1040-X solely to make this election. The Form 4547 instructions specifically say not to do that.
What Self-Employed Parents Should Do
If you run a Schedule C business and have an eligible child:
- Check the eligibility rules for the child.
- Use your IRS Individual Online Account or Form 4547 to submit the election.
- Keep your tax records organized so you can handle the election alongside the rest of your filing obligations.
- Review the current IRS guidance before making contributions after July 4, 2026.
Trump Accounts are separate from Schedule C, but they are relevant to self-employed parents who handle their own tax planning and may not have an employer guiding them through new benefits.
This article provides general information, not tax or investment advice. Review current IRS guidance before opening or funding an account.