{"id":5153,"date":"2026-03-06T13:40:20","date_gmt":"2026-03-06T19:40:20","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=5153"},"modified":"2026-03-06T13:40:27","modified_gmt":"2026-03-06T19:40:27","slug":"how-to-open-initial-trump-accounts","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/how-to-open-initial-trump-accounts\/","title":{"rendered":"How to Open Initial Trump Accounts"},"content":{"rendered":"\n

he Department of the Treasury and the Internal Revenue Service today issued proposed regulations<\/a> providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the initial Trump Account once the account has been opened. These proposed regulations provide useful information for parents and guardians who may want to elect to open an initial Trump Account, and for prospective trustees of Trump Accounts.<\/p>\n\n\n\n

\u201cTrump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American Dream,\u201d said IRS Chief Executive Officer Frank J. Bisignano. \u201cCreating Trump Accounts was one of the most important provisions in President Trump\u2019s historic One, Big, Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts.\u201d<\/p>\n\n\n\n

The proposed regulations request comments on all aspects of these proposed regulations.<\/p>\n\n\n\n

Opening initial Trump Accounts<\/strong><\/p>\n\n\n\n

The proposed regulations provide that the election to open an initial Trump Account must be made by an authorized individual on Form 4547, Trump Account Election(s)<\/em><\/a> or through the online Form 4547: Trump Account Election Form – IRS Form 4547<\/a> in accordance with applicable instructions. An election to open an initial Trump Account must be made on or before December 31 of the calendar year in which the eligible individual attains age 17.<\/p>\n\n\n\n

The election form also provides an opportunity for the authorized individual to request the $1,000 pilot program contribution from the Secretary for an eligible child (under section 6434 of the Internal Revenue Code).<\/p>\n\n\n\n

The instructions<\/a> to Form 4547 are currently available on IRS.gov. The Department of the Treasury and the Internal Revenue Service have sought to make the election process as simple and frictionless as possible by permitting individuals to file a one-page Form 4547 at the time of filing their tax return or in a separate online portal: Trump Account Election Form – IRS Form 4547<\/a>.<\/p>\n\n\n\n

If an election for the $1,000 pilot program contribution is being made at the same time as the election to open the initial Trump Account, the authorized individual is the individual able to make the election for a pilot program contribution.<\/p>\n\n\n\n

If no election for a pilot program contribution is being made at the same time as the election to open an initial Trump Account, a different rule applies for determining who is an authorized individual. Under the proposed ordering rule for who may make the election, the authorized individual would be, in order of priority:<\/p>\n\n\n\n