Trump Account $1,000 Contribution Eligibility for Children Born 2025-2028
Summary
The USVI Bureau of Internal Revenue informs individual taxpayers about a new Trump Account benefit available to children born after 2024 and before 2029 who are U.S. citizens. Parents, guardians, and authorized individuals may elect to establish a Trump Account and receive a $1,000 federal contribution for eligible children by filing IRS Form 4547 electronically at TrumpAccounts.gov or by mail to the IRS in Austin, TX. The Treasury Department will send account-opening information starting in May 2026.
“Based on recent legislation, parents, guardians, and other authorized individuals can elect to establish this new individual retirement account, called a Trump Account, for the exclusive benefit of certain children.”
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GovPing monitors USVI Bureau Internal Revenue for new tax regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 3 changes logged to date.
What changed
The USVI BIR has issued an informational notice regarding a new federal benefit called a Trump Account, established under recent legislation, which allows parents and guardians to create individual retirement accounts for eligible children. Children born between 2025 and 2028 who are U.S. citizens may qualify for a $1,000 federal contribution to their Trump Account. Taxpayers wishing to establish an account and receive the contribution must file IRS Form 4547 electronically via TrumpAccounts.gov or submit by mail to the IRS in Austin, TX.
Affected parties include USVI taxpayers who are parents, guardians, or authorized individuals of children meeting the birth-year and citizenship requirements. Form 4547 should not be attached to Form 1040 filed with the USVI BIR. The Treasury Department will begin sending account-opening instructions in May 2026, and taxpayers with questions may contact the Office of Chief Counsel at (340) 715-1040.
Archived snapshot
Apr 23, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
BIR INFORMS USVI TAXPAYERS ABOUT ELIGIBILITY FOR TRUMP ACCOUNT
Joel Lee, CPA, Director of the Virgin Islands Bureau of Internal Revenue informs individual taxpayers in the Virgin Islands about the eligibility for a new benefit called a Trump Account. Based on recent legislation, parents, guardians, and other authorized individuals can elect to establish this new individual retirement account, called a Trump Account, for the exclusive benefit of certain children. Additionally, if the child was born after 2024 and before 2029, is a U.S. citizen, and meets certain other requirements, the authorized individual may also elect to receive a $1,000 federal contribution to the child’s Trump Account. An election to open a Trump Account and to receive the $1,000 contribution are made by an authorized individual (like a parent or guardian) with the IRS on Form 4547, Trump Account Election(s).
IRS Form 4547 should not be attached to a Form 1040 filed with the Virgin Island Bureau of Internal Revenue. Instead, please file IRS Form 4547 electronically on TrumpAccounts.gov or, alternatively mail IRS Form 4547 directly to the Internal Revenue Service using the following mailing address:
Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0215
USA
The Treasury Department or its agent will send information to complete the opening of the initial Trump Account starting in May 2026. For more information about how to activate the initial Trump Account, go to TrumpAccounts.gov. Taxpayers with questions can call the Office of Chief Counsel at (340) 715-1040.
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