Proposed Regulations for Trump Accounts and Form 4547

IRS Newsroom

Published March 6th, 2026

Detected March 13th, 2026

Summary

The Department of the Treasury and IRS have issued proposed regulations for opening Trump Accounts, a pro-family initiative from the One, Big, Beautiful Bill. The regulations outline requirements for eligible individuals and the responsible parties, with a deadline for opening initial accounts by December 31st of the year the eligible individual turns 17.

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What changed

The Department of the Treasury and the Internal Revenue Service have released proposed regulations detailing the requirements for establishing "Trump Accounts," a new financial initiative aimed at families. These regulations cover general requirements, definitions, election procedures for opening an initial account via Form 4547, and the designation of a responsible party. The proposals also mention a $1,000 pilot program contribution for eligible children and provide an ordering rule for determining the authorized individual to make the election, prioritizing legal guardians, parents, adult siblings, and then grandparents.

These proposed regulations are open for public comment. The key compliance deadline highlighted is the election to open an initial Trump Account, which must be made by December 31st of the calendar year in which the eligible individual attains age 17. Authorized individuals, such as parents or legal guardians, will be responsible for completing Form 4547, either electronically or by paper filing, and may also elect to apply for the $1,000 pilot program contribution. Regulated entities and individuals should review the proposed rules and consider submitting comments before the unspecified comment deadline.

What to do next

Review proposed regulations for Trump Accounts and Form 4547.
Consider submitting public comments on the proposed regulations.
Prepare to utilize Form 4547 for opening Trump Accounts by the December 31st deadline.

Source document (simplified)

IR-2026-33, March 6, 2026

WASHINGTON —The Department of the Treasury and the Internal Revenue Service today issued proposed regulations providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the initial Trump Account once the account has been opened. These proposed regulations provide useful information for parents and guardians who may want to elect to open an initial Trump Account, and for prospective trustees of Trump Accounts.

“Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American Dream,” said IRS Chief Executive Officer Frank J. Bisignano. “Creating Trump Accounts was one of the most important provisions in President Trump’s historic One, Big, Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts.”

The proposed regulations request comments on all aspects of these proposed regulations.

Opening initial Trump Accounts

The proposed regulations provide that the election to open an initial Trump Account must be made by an authorized individual on Form 4547, Trump Account Election(s) PDF or through the online Form 4547: Trump Account Election Form - IRS Form 4547 in accordance with applicable instructions. An election to open an initial Trump Account must be made on or before Dec. 31 of the calendar year in which the eligible individual attains age 17.

The election form also provides an opportunity for the authorized individual to request the $1,000 pilot program contribution from the Secretary for an eligible child (under section 6434 of the Internal Revenue Code).

The instructions PDF to Form 4547 are currently available on IRS.gov. The Department of the Treasury and the Internal Revenue Service have sought to make the election process as simple and frictionless as possible by permitting individuals to file a one-page Form 4547 at the time of filing their tax return or in a separate online portal: Trump Account Election Form - IRS Form 4547.

If an election for the $1,000 pilot program contribution is being made at the same time as the election to open the initial Trump Account, the authorized individual is the individual able to make the election for a pilot program contribution.

If no election for a pilot program contribution is being made at the same time as the election to open an initial Trump Account, a different rule applies for determining who is an authorized individual. Under the proposed ordering rule for who may make the election, the authorized individual would be, in order of priority:

a legal guardian,
parent,
adult sibling, then
grandparent of the eligible individual.

Responsible party for the Trump Account:

In general, the individual who makes the election to open an initial Trump Account for an eligible individual will be the responsible party of the initial Trump Account. The responsible party generally will have the authority, while the account beneficiary does not have legal capacity, to select among eligible investments (if more than one eligible investment is offered), request a qualified rollover contribution to a rollover Trump Account, request a transfer for a qualified ABLE rollover contribution (subject to certain rules), or select a successor responsible party for the account.

For more information on the provisions of the new legislation, see One, Big, Beautiful Bill Provisions on IRS.gov.

Visit trumpaccounts.gov for more information on Trump Accounts.