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Trump Accounts and the IRS: What to Know

Last verified: September 3, 20263 cited sources

The IRS administers key parts of the Trump Accounts program. It issues the guidance that spells out how the accounts work and provides Form 4547, the election used to open an initial account.

What the IRS handles

  • Guidance on eligibility, contributions, and how balances are treated for tax purposes.
  • Form 4547 and its instructions for opening an account and requesting the $1,000 pilot contribution.
  • Rules for how the account is treated once the child reaches age 18 (generally like a traditional IRA).

For anything tax-specific, the IRS is the authoritative source. See our taxes guide for a plain-English overview, and confirm details with the IRS links below.

Rules can change. Before you act, confirm the current details with official sources such as the IRS and the U.S. Department of the Treasury, and the official program site at trumpaccounts.gov.