Trump Accounts
A Trump account is a type of traditional individual retirement account (IRA) established by an authorized individual for the exclusive benefit of an eligible designated child. Although a Trump account is a type of traditional IRA, during the growth period it is subject to special rules that do not apply to other IRAs. During the growth period, Trump accounts can receive contributions from several dif ferent sources, including employer contributions.
Authorized Individual
Initial account election only.
If an election only to open the initial account is being made, an authorized individual is a legal guardian, parent, adult sibling, or grandparent of the child, in that order of priority.
Initial account and pilot program election.
If both an election to open the initial Trump account and an election for a $1,000 pilot program contribution are being made, an authorized individual is an individual who anticipates that the child will be his or her qualifying child for the tax year in which the election is made.
Form 4547, Trump Account Election(s).
An authorized individual uses Form 4547 to make the election to establish the initial Trump account. Form 4547 is also used to make the election for a $1,000 pilot program contribution for an eligible child.
Contributions
During the growth period, there are generally five types of contributions that can be made to a Trump account.
• Pilot program contributions, see Pilot program contribu tion election, later,
•Qualified general contributions funded by states or political subdivisions of states, the United States, the District of Columbia, Indian tribal governments, or sec tion 501(c)(3) tax-exempt organizations for members of a qualified class of account beneficiaries,
• Employer contributions that are not includible in the gross income of the employee under section 128 (employ er contributions),
• Qualified rollover contributions, see Rollover contribu tions, above, or
• Contributions from other sources, such as the child, the child’s parents, or any other person.
Note: Contributions cannot be made to a Trump account before July 4, 2026.
Taxation of contributions. Contributions made during the growth period are not includible in income by the account beneficiary when made. Pilot program contributions, qual ified general contributions, and employer contributions do not create basis in a Trump account. Qualified rollover con tributions from a prior Trump account carry over any basis attributable to the transferred funds. Contributions from other sources during the growth period create basis in the Trump account.
Annual limitation. During the growth period, contribu tions may be made to a Trump account even if the child does not have taxable compensation. Contributions from the pilot program, qualified general contributions, or quali fied rollover contributions are not subject to an annual con tribution limit. However, the total of all other contributions, including employer contributions, during the growth pe riod are limited to $5,000, subject to cost-of-living adjust ments after 2027.
Section 128 employer contributions. A section 128 em ployer contribution to a Trump account can be made to the employee’s Trump account or to a Trump account of a de pendent of the employee. During the growth period, em ployer contributions are limited to $2,500.
Pilot program contribution election. An authorized in dividual can make an election for a $1,000 pilot program contribution to be made from the U.S. Treasury to a Trump account for a child who:
• Is anticipated to be the qualifying child of an authorized individual for the year the election is made,
• Is born after December 31, 2024, and before January 1, 2029,
• Has not had a prior pilot program contribution election processed on their behalf,
• Is a U.S. citizen, and
• Has a valid Social Security Number. The election is made on Form 4547.
Account Beneficiary
The child listed on Part II, Form 4547, is the owner of the ac count, also referred to as the account beneficiary. Generally, a child is eligible if the child:
• Is under age 18 at the end of the year in which the elec tion was made,
• Has a valid Social Security Number issued before the election is made, and
• Has not had a previous Trump account election filed on their behalf.
Growth Period
The growth period for a Trump account starts on the date the account is established and ends on December 31 of the year before the calendar year in which the child turns age 18.
Example: Hank is born on October 1, 2025. He will turn age 18 on October 1, 2043. The last day of the growth period for him would be December 31, 2042.
Rollover contributions. A subsequent Trump account (roll over account) can be established if it is funded by a trustee- to-trustee transfer of the entire account balance from the child’s existing Trump account.
Special rules during growth period. During the growth period:
• The account can only be invested in eligible investments, see Eligible Investments, later,
• The account has a separate contribution limit from other IRAs,
• No retirement savings deduction is allowed for any con tribution to the account, and
• Distributions from the account are restricted. After the growth period, most of the special rules no lon ger apply and the rules governing traditional IRAs generally apply.
Eligible Investments
During the growth period, a Trump account can only be in vested in a mutual fund, or an exchange traded fund (EFT) that tracks an index of primarily U.S. companies and meets certain other requirements.
Distributions
During the growth period, the only distributions that can be made from a Trump account are qualified rollover con tributions, qualified ABLE rollover contributions, distribu tions of excess contributions, and distributions upon the death of a beneficiary. After the growth period, most of the rules that apply to tra ditional IRAs will generally apply to the Trump account. For example, distributions could be subject to the 10% addition al tax on early distributions, unless an exception applies.
When to File
Form 4547 can be filed at any time, including at the same time as the income tax return is filed. However, to file Form 4547 electronically, it must be filed with the current year e-filed return. Form 4547 cannot be included in an amended income tax return. At trumpaccounts.gov, a portal is expect ed to be available mid-2026 to submit the form.