How to Open a Trump Account: Form 4547, Activation, and the $1,000 Deposit

How do you open a Trump account? There are two stages: file Form 4547 with the IRS to make the election, then, after the IRS processes the election, activate the account through the official Trump Accounts platform.^[6] The same form also serves as the election for the $1,000 pilot program contribution, a deposit funded by the U.S. Treasury for eligible children.^[2] Here is the full sequence, who can file, and what happens after you submit.

Trump Account Opening Checklist

1. Confirm the child is eligible: under age 18, a valid Social Security number, and no prior Trump account election.^[2]
2. Choose a filing method: the Trump Accounts app or website, your IRS online account, your e-filed tax return, or paper.^[6]
3. Complete and submit Form 4547, checking line 7 if the child also qualifies for the $1,000 pilot deposit.^[2]
4. Check the status of your submitted election.^[1]
5. Watch for the activation notification, then authenticate and finish opening the account.^[7]
6. Confirm the pilot contribution arrived, if the child is eligible.^[2]

What Is a Trump Account?

A Trump account is a type of traditional individual retirement account (IRA) established for the exclusive benefit of a child, who owns the account as its beneficiary.^[2] A child qualifies for an initial account if the child is under age 18 at the end of the year the election is made (for a 2026 election, born after December 31, 2008), has a valid Social Security number issued before the election, and has not had a prior Trump account election filed on their behalf.^[2] Special rules apply during the growth period — the years from establishment through December 31 of the year before the child turns 18 — including a $5,000 annual limit on most contributions, eligible-investment restrictions, no deduction for contributions, and limits on distributions; our guide to Trump account contributions, deductions, and strategy covers those rules in depth.^[2] Contributions began on July 4, 2026.^[2]

Who Can Make the Election?

The rules depend on which election you are making. If you are only opening an initial account (no pilot deposit), the authorized individual is the child's legal guardian, parent, adult sibling, or grandparent, in that order of priority; if more than one person holds the highest available priority and no prior election exists, any of them may file.^[2] If you are also requesting the pilot contribution, the authorized individual is someone who anticipates the child will be his or her qualifying child for the tax year of the election.^[2] Either way, filing the form is a representation, under penalties of perjury, that you are authorized to open the account for the child.^[2]

Four Ways to File Form 4547

The election itself — the Form 4547 filing — can be made through any of four routes.^[6]

Form 4547 is not limited to tax-filing season, but the election must be made while the child still satisfies the age and eligibility requirements.^[2] If you are electing for more than two children, attach as many copies of the form as needed.^[2]

How Do You Complete the Form?

Before you start, gather the child's Social Security number, date of birth, and address — plus an ID.me login if you are filing through your IRS online account.^[1] On the form itself, Part I collects your information, Part II collects the child's information (check the box on line 6 if you are authorized to open the initial account), Part III is the pilot contribution election (line 7), and Part IV is a consent to disclose information.^[2] Paper filers must handwrite their signature; typed or electronic signatures are not valid on a paper Form 4547.^[2]

How Do You Claim the $1,000 Pilot Deposit?

Check the box on line 7 of Form 4547 for each child who is eligible and whom you want to receive the contribution. To be eligible, the child must meet all of the following: be anticipated to be your qualifying child for the election year, be born after December 31, 2024 and before January 1, 2029, have no prior pilot program contribution election processed for them, be a U.S. citizen, and have a valid Social Security number.^[2] If your child already has an open Trump account, you still file Form 4547 to claim the deposit, completing Part II (except line 6) and Part III.^[2]

The Treasury Department makes the $1,000 deposit as soon as practicable after the election is made and after it confirms with the trustee that the account has been opened; the earliest permitted deposit date was July 4, 2026.^[2] The pilot contribution does not count against the $5,000 annual limit on other contributions.^[2]

What Happens After You File?

After you file, you can check the status of your submitted election in your IRS online account.^[1] Once the election is processed and the child's eligibility is confirmed, you will receive an email from no-reply@trumpaccounts.treasury.gov and an in-app notification with instructions to activate the child's account.^[6] Activation is the step that actually finishes opening the account: the person who made the election completes an authentication process through the Trump Accounts platform and finishes the setup.^[7]

The filer becomes the account's responsible party — the adult who manages the account while the child is a minor — and may generally select among eligible investments, request a qualified rollover contribution to another Trump account, request a qualified ABLE rollover contribution at age 17, or name a successor responsible party.^[2] The trustee of the initial account is a financial institution selected by Treasury, and every trustee must be a bank or an IRS-approved nonbank trustee.^[3] At launch, all contributions are invested by default in a single Treasury-selected S&P 500 index ETF, with four additional low-cost index ETFs named for the lineup and allocation functionality expected later; by statute, an eligible investment must track an index of primarily U.S. companies, avoid leverage, and keep annual fees and expenses at no more than 0.1 percent of the investment balance.^[4][2]

Common Filing Mistakes

A few errors show up directly in the IRS instructions.^[2]

What Are the Risks and Limitations?

The account holds stock index funds, so its value will fluctuate with the market, and growth is not guaranteed. The money is also effectively locked until adulthood: after the growth period, traditional IRA rules generally apply, and distributions may be subject to the 10 percent additional tax on early distributions unless an exception applies.^[2] The rules are still maturing — Treasury and the IRS published proposed regulations on the election process in March 2026, so some operational details may change as guidance is finalized.^[5] Improper pilot elections are subject to penalties.^[3]

Filing Form 4547 begins the process, but the account is not fully open until the election is processed and you complete activation.^[7] Keep your filing confirmation, watch for the activation notice, and confirm the pilot contribution was received if your child is eligible. A Trump account is also one savings tool, not the whole plan: our comparison of a Trump account versus a 529 plan covers which account fits which goal, and our methodology explains how we approach portfolio construction and risk. Questions about where a Trump account fits alongside your other savings? Start a conversation.