What are Trump Accounts?

Trump accounts are new tax-deferred, IRA-like accounts for children under age 18.  An authorized person, such as a parent or guardian, may elect to open one using Form 4547.  Form 4547 can be filed by either going online to TrumpAccounts.gov or by filing with your 2025 tax return.

Once the IRS processes the election, the Treasury will send activation information to the email address used on Form 4547. During the initial rollout, activation emails are being sent exclusively from no-reply@TrumpAccounts.Treasury.gov.  These emails have started to roll out to taxpayers in recent days.

For DWD clients that filed Form 4547 with their tax returns, you may need to use your first name and middle initial when verifying your information online.

For qualifying children born after December 31, 2024 and before January 1, 2029, the account should receive a one-time $1,000 federal pilot contribution which is not taxable to the child.  These contributions are expected to be applied to eligible accounts beginning on July 4, 2026.

Clients should expect to receive an annual Form 5498-TA by May 31 reporting contributions, basis, and year-end fair market value.  You will receive Form 1099-R in years that distributions are taken.

If you have any questions or concerns, please reach out to your DWD advisor for assistance.