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 ProWeb, from the Federal Section of the return select:
- Miscellaneous Forms
-
Trump Account Elections(s) (4547)
- Whose form is this? - In a return being filed MFJ, you need to indicate who is the responsible party for the Trump Account..
- Dependents - In the dropdown menu, select a dependent or select Add new dependent and enter their SSN, name, date of birth, and relationship to the taxpayer.
- Child's home address is the same as the authorized individual - Check this box if the child's address is the same as who the form belongs to, otherwise enter their address in the fields provided.
- Check here if you are authorized to open the Trump Account for this child - Check this box to affirm that the taxpayer is authorized to open the Trump account. This box must be checked to proceed further.
- Check here if you would like to receive the Pilot Program Contribution for this child - If the child was born in 2025, you'll see this check box for the taxpayer to request a $1,000 initial contribution to the child's Trump Account.
Upon returning to the Form 4547 menu, another Form 4547 can be completed for another child if desired.
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: