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Trump Accounts give the next generation a jump start on saving

The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts.

The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number. It features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number. For additional information, go to trumpaccounts.gov.

To get started, sign in to your IRS account with ID.me and submit Form 4547.

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How it works

1. 
Sign in 

Sign in or create an IRS account.
 

2. 
Elect 

Complete and submit Form 4547 to elect your child.

3. 
Check status

View the status of submitted election forms. 

Get started

The entire process should take 5 to 10 minutes.

You will need

  • An ID.me account
  • Your child’s Social Security number
  • Your child’s date of birth and address

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