What a Trump account is.
The IRS instructions for Form 4547 describe it as a type of traditional individual retirement account owned by the child. No contributions could be made before July 4, 2026. Family members and others can contribute up to $5,000 a year in total, and an employer can contribute up to $2,500 of that.
Which children get the $1,000 contribution.
The one-time Treasury pilot contribution goes to children who are U.S. citizens with a valid Social Security number and were born from January 1, 2025 through December 31, 2028. A Fuquay-Varina family with a baby born in 2025 or 2026 should look at the election this filing season.
How to make the election.
Form 4547 handles both the account election and the pilot contribution election. It can be filed at any time, including with the income tax return. Since May 28, 2026, parents can also view and submit the election online through their IRS Individual Account.
If you want it done with the 2026 return, tell us when you send your documents so it is on the list from the start.
Employer contributions and gifts.
Employer contributions show up on the 2026 Form W-2 in box 12 with code TA. The IRS has also said qualifying gifts to a Trump account will not be subject to gift tax reporting requirements, which helps grandparents who want to contribute.
Fit it into the rest of the family return.
A new child also brings the $2,200 child tax credit for 2026 and, in North Carolina, a per-child deduction based on income. Our page for individuals and families covers the family return as a whole.
COMMON QUESTIONS
Questions you may have.
Who gets the $1,000 Trump account contribution?
Children who are U.S. citizens with a valid Social Security number and were born from January 1, 2025 through December 31, 2028.
How much can be contributed to a Trump account each year?
Up to $5,000 a year from all sources, of which an employer can contribute up to $2,500.
Do I have to file Form 4547 with my tax return?
No. Form 4547 can be filed at any time, including with the return, and the election can also be made online through IRS Individual Account.