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As tax season opens Monday, families with minor children have the option to register for Trump accounts — plus a one-time federal government contribution — when filing 2025 returns.
Enacted via President Donald Trump’s “big beautiful bill,” Trump accounts were designed to start early wealth building with a one-time $1,000 contribution from the U.S. Department of the Treasury for children born between 2025 and 2028.
“This is the first opportunity to claim, 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 make the election online at Trumpaccounts.gov.
Once an account is established, there could be other “free money” for those who are eligible. A growing number of large companies have pledged matching deposits for employees.
Alternatively, certain children who don’t qualify for the $1,000 Treasury funds may get a $250 grant from Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan, depending on age and household income. Children in Connecticut could also qualify for a donation 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 The Youngblood Group, a Dallas-based tax firm.
While Trump account contributions don’t start until July, families can start the process to open accounts and receive the $1,000 Treasury deposit by making elections on IRS Form 4547 when filing 2025 returns.
“It’s all right there,” said Youngblood, who is also an enrolled agent, which is a tax license to practice before the IRS.
Just as financial advisors recommend deferring enough into a 401(k) plan to benefit from your employer’s full matching contribution, there is no reason to pass this free money up.
The White House has said these accounts will introduce more Americans to wealth-building opportunities; however, some experts say opting in via a tax form may make it harder to reach lower-income families.
“For families who don’t file, there is a greater likelihood that they probably don’t open accounts,” said the Urban Institute’s Brown. “That translates into federal contributions lost.”
Here are some of the key things to know.
How to open a Trump account via Form 4547
Parents or guardians can elect to have Trump accounts opened for their children by submitting Form 4547 at any time, including with their 2025 tax return. There will also be an online tool on Trumpaccounts.gov, which is expected to be available by the middle of 2026.
Form 4547 includes two elections: one to open the Trump account and one to receive the $1,000 “pilot program contribution” from the Treasury. The form includes entry options for up to two children; families can file multiple forms if they have more than two eligible children.
For 2026, eligible children must be under age 18 by Dec. 31 and have a valid Social Security number before the form election.
After the election, the Treasury will contact parents to activate the account through an “authentication process,” which will begin in May, according to Treasury guidance from December.
Filing Form 4547 with your current-year e-filed tax return is the “fastest, safest, and easiest way to make the elections,” the IRS said in instructions released in December. There’s also an option to mail a paper version of Form 4547 separate from your return, which Youngblood said he does not recommend.
If you don’t file Form 4547 with your tax return, “personally, I would wait to do it through the [Trumpaccounts.gov] portal,” he said.
Amid reduced IRS staffing and budget cuts, many tax professionals have urged clients to avoid paper filings to the agency whenever possible, which can cause delays.