Proposed regulations for the pilot program for individual IRA accounts for children called Trump Accounts have been released by the U.S. Department of Treasury and the Internal Revenue Service.
The Trump Accounts and Trump Account Pilot Program were established under the One, Big, Beautiful Bill passed last year and would allow the Treasury Secretary to make a one-time $1,000 contribution to the Trump Accounts of eligible children. The proposed regulations give guidance on who is eligible and how the child would receive the $1,000 and other issues.
“order for an eligible child to receive a $1,000 pilot program contribution, an election for a pilot program contribution must be filed by an individual who anticipates the child will be his or her qualifying child for the year during which the election is made, typically a parent or guardian,” the White House said in a fact sheet. “Therefore, expecting parents who want to participate need to make an election and may be in a situation to do so prior to the tax year in which the child is born.”
To qualify, the parent or another qualified individual, must elect to establish the account and the child must be born in 2025, 2026, 2027 or 2028, be a U.S. citizen, have been issued a Social Security number, and be someone for whom no prior pilot program election has been made.
A new form, Form 4547, the Trump Elections form, will establish the account and enroll children into the program. English and Spanish language versions of the form and instructions are available on the US Treasury Dept. website.