IRS Releases Draft Form and Instructions for Establishing Trump Accounts

The Internal Revenue Service has issued a draft Form 4547, Trump Account Election(s), and accompanying draft Instructions. The form will be used to make the election to establish an initial Trump account for a child who is eligible for a Trump account. It will also be used to make an election for a $1,000 pilot program contribution from the U.S. Treasury to a child’s Trump account if they are eligible for the contribution. The instructions refer to trumpaccounts.gov for more information, including whether these elections may be made online beginning in the middle of 2026.