Trump Accounts Part 3:  How are Trump Accounts opened?

Who Can Open a Trump Account?

A Trump Account (a Section 530A custodial IRA-style account for a child) can be opened only for a child who:

• Is under age 18 in the calendar year you make the election, and
• Has a valid U.S. Social Security number.

The person who opens the account (called an authorized individual) is usually:

• The child’s parent or legal guardian (most common),
• Then adult siblings, then grandparents (per IRS priority rules).

How are Trump Accounts Opened?

1) Via IRS Form 4547

This is currently the primary official way to open a Trump Account:

• You file IRS Form 4547 (“Trump Account Election”) to elect to establish a Trump Account for a child.
• You can file it with your tax return (e-file or paper) for a given tax year.
• If you check the box on Form 4547, that can also trigger the one-time $1,000 federal seed contribution (if the child is eligible).

Once you file the form, the Treasury Department or its agent creates the account and sends you follow-up instructions to activate it, including identity verification and final setup.

2) Online Portal (Mid-2026)

Starting in mid-2026, an online application portal at trumpaccounts.gov is expected to be available:

• You’ll be able to open a Trump Account online for your child (instead of filing the IRS form manually).
• After the election is made, the Treasury or its designated financial agent will ask you to verify your identity and complete the account setup.

This online method will be easier for most parents once it’s launched.

3) Custodian or Financial Institution Role

Once the account is opened and activated:

• The initial Trump Account is held by a custodian/trustee selected by the Treasury (often a financial institution).
• Over time, families may be able to “roll over” or transfer the account to another custodian (bank, brokerage, or investment firm) that offers Trump Account products — similar to how IRAs work.

So you don’t go down to your local bank today and open it like a savings account — first the IRS/Treasury establishes it, then you manage it through a trustee.

Timing

• Trump Accounts are expected to begin accepting opening elections and contributions on or after July 4, 2026.
• However, IRS Form 4547 filings for tax year 2025 can be made now ahead of that so the account is ready for funding next summer.

Summary: Step-by-Step to Open Trump Accounts

1. Confirm eligibility (child under 18 + U.S. SSN).
2. File IRS Form 4547 with your tax return or use the trumpaccounts.gov portal once live.
3. Follow instructions from the Treasury to activate the account.
4. Make contributions once the account is active (starting mid-2026).

Please note that information regarding Section 530A (Trump) accounts is still evolving and is not final. To ensure you receive the most updated information, please refer to IRS.gov or Trumpaccounts.gov.