Form 4547 is used to make the election to establish an initial Trump account for the exclusive benefit of a child who is eligible for a Trump account. Form 4547 is also used to make an election for a $1,000 pilot program contribution from the U.S. Treasury to a child born during the same tax year.
The qualifying child
A qualifying child is under age 18 at the end of the year, has an SSN valid for work, and has not had a prior Trump Account election. To qualify for the $1,000 pilot program contribution, an additional requirement is that the child must have been born during the tax year.
The responsible party
The individual who creates the Trump Account is known as the responsible party. The responsible party may generally do any of the following actions related to the Trump Account:
- Select among any eligible investments;
- Request a transfer for a qualified rollover contribution to a rollover Trump account;
- Request a transfer for a qualified ABLE rollover contribution to an ABLE account of the child at age 17;
- Select someone to take over their responsibilities as the responsible party (a successor responsible party for the account).
Important: The responsible party for the Trump account, whether it is the taxpayer or the spouse, should have both an e-mail address and a phone number specified in the return's Personal Information menu.
Completing the form in a tax return
To complete Form 4547 in the individual income tax return in TaxSlayer Pro, from the main menu of the return select:
- Miscellaneous Forms
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Trump Account Elections(s) (4547)
- Parent/Guardian or Other Authorized Individual Information - This is defaulted to the taxpayer. In a joint return, the spouse can be selected if desired.
- Child's Information - Select this menu line, then select New, then select either a dependent in the return or "Enter a Qualifying Child Not Listed". If the latter is chosen, enter the qualifying child's SSN, name, date of birth, and relationship to the taxpayer or spouse.
- Child's Home Address is the Same as the Responsible Party - Check this box if the child's address is the same as the responsible party, otherwise leave it unchecked and enter the child's address in the spaces provided.
- You are Authorized to Open the Trump Account for this Child - Check this box.
- You want the Child to Receive a Pilot Program Contribution - If the child was born in the tax year, check this box if the taxpayer wishes the account to be funded with a $1,000 deposit.
TaxSlayer Pro strives to make the information on this page timely and accurate but makes no promise or guarantee about the timeliness, accuracy, or completeness of the contents of this page. This is general information and is not intended to be tax advice. You are encouraged to also review the underlying federal resources and publications.
Additional Information: