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With tax season starting on Monday, families with minor children will have the option to sign up for a Trump account and receive a one-time federal contribution when they file their 2025 returns.
The Trump Account, enacted by President Donald Trump’s “Big and Beautiful Act,” is designed to give children born between 2025 and 2028 an early start in building wealth with a one-time $1,000 contribution from the U.S. Treasury.
“This is the first opportunity to advocate for rights, but it won’t be the last,” said Madeline Brown, senior policy associate at the Urban Institute, a Washington, D.C.-based think tank. Starting in mid-2026, you can also vote online at Trumpaccounts.gov.
Once an account is established, other “free money” may be given to those who qualify. A growing number of large companies are promising employees matching deposits.
Alternatively, certain children who are not eligible for the $1,000 in Treasury funding could receive a $250 grant from Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan, based on age and household income. Children in Connecticut could also be eligible for donations from billionaire hedge fund manager Ray Dalio and his wife, Barbara.
For many families, “there’s money on the table,” said Josh Youngblood, owner of Dallas-based tax firm Youngblood Group.
Contributions to Trump’s account won’t begin until July, but family members can start the process and receive a $1,000 Treasury deposit by making an election on IRS Form 4547 when they file their 2025 return.
“That’s OK,” said Youngblood, who is also a registered agent to practice tax with the IRS.
Just as financial advisors recommend delaying joining a 401(k) plan long enough to benefit from your employer’s full matching contributions, there’s no reason to waste this free money.
The White House said these accounts will bring wealth-building opportunities to more Americans. But some experts say opting in via tax forms could make it harder to reach low-income households.
“Families who do not report are unlikely to open an account,” said Brown of the Urban Research Institute. “That would be a loss of federal funding.”
Here are some important things to know.
How to open a Trump account via Form 4547
A parent or guardian may choose to have a Trump Account opened for their child at any time, including on their 2025 tax return, by filing Form 4547. Trumpaccounts.gov will also have an online tool, expected to be available by mid-2026.
Form 4547 includes two elections. One to open Trump’s account and the other to receive a $1,000 “pilot program contribution” from the Treasury Department. The form includes input options for up to two children. Families can submit multiple forms if they have more than one eligible child.
For 2026, eligible children must be under 18 by December 31 and have a valid Social Security number before the form election.
According to Treasury guidance from December, after the election, the Treasury will contact parents to activate their accounts through a “verification process,” which is expected to begin in May.
In a directive released in December, the IRS said filing this year’s e-filed tax return on Form 4547 is “the fastest, safest, and easiest way to conduct an election.” You also have the option of mailing a paper Form 4547 separately from your tax return, but Youngblood says he doesn’t recommend that.
If you don’t file Form 4547 with your tax return, “personally, I would wait to file it through the (Trumpaccounts.gov) portal,” he said.
Due to IRS staff cuts and budget cuts, many tax professionals are urging their clients to avoid filing paper returns with the agency whenever possible, which can cause delays.
