Trump Accounts

A 530(A) account, or Trump Account, is a new type of traditional IRA.  A parent or guardian can establish this account for their child and funding can come from a variety of sources.  First, if a child is born during 2025 through 2028, they will be eligible for a $1,000 Pilot contribution.  In addition, $5,000 can be contributed annually by parents, family members, and others.  The Pilot contribution does not count against the annual contribution limit. 

To open an account, you must file Form 4547.  After the form is filed, U.S. Treasury will open an account for the child.  Each child can only have one account.  The account must be invested in an eligible investment that tracks the S&P 500. 

During the time period between the account is opened and funded and the end of the year the child turns 17, the account will grow tax-free.  In the year the child turns 18, traditional IRA rules govern how money is distributed from the account.  The original contributions will not be taxable, but the Pilot contribution and the growth will be subject to tax upon withdrawal.  It’s possible to convert the balance to a Roth IRA and pay those taxes in a low tax year of early adulthood. 

If you had a child in 2025 and filed Form 4547 with your return:

1. Check your email for instructions on how to download Trump account app and setup online account. (These emails are coming from no-reply@TrumpAccounts.Treasury.gov.) 
2. Decide if you want to make a contribution above the $1,000 Pilot contribution.
3. Fund the account after July 4, 2026.
4. Provide us with details of the contribution, so we can track the basis in the account.  

If you had or will have a child in 2025-2028 and have not filed Form 4547:

1. File Form 4547 through your online IRS account. (If you are not able to do this, we can file the form with your 2026 tax return.)
2. Decide if you want to make a contribution above the $1,000 Pilot contribution.
3. Fund the account after July 4, 2026.
4. Provide us with details of the contribution, so we can track the basis in the account.  

If you have an older child and filed Form 4547 with your return:

1. Check your e-mail for instructions on how to download Trump account app and setup online account. (These emails are coming from no-reply@TrumpAccounts.Treasury.gov.)
2. Decide if you want to make a contribution.
3. Fund the account after July 4, 2026.
4. Provide us with details of the contribution, so we can track the basis in the account.

If you have an older child and have not filed Form 4547:

1. Decide if you want to make a contribution.
2.  File Form 4547 through your online IRS account. (If you are not able to do this, we can file the form with your 2026 tax return.)
3. Fund the account after July 4, 2026.
4. Provide us with details of the contribution, so we can track the basis in the account.