WASHINGTON — The Internal Revenue Service announced that taxpayers have signed up more than 4 million children for new tax-favored Trump Accounts, with more than 1 million of those children covered by elections for a $1,000 federal pilot program contribution.
The figures come from the number of Form 4547, Trump Account Election(s), submitted with individual tax returns to date. IRS Chief Executive Officer Frank J. Bisignano highlighted the simplicity of the process.
“The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return,” Bisignano said. “Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It’s that simple.”
Trump Accounts are a new type of individual retirement account established under the One, Big, Beautiful Bill, enacted on July 4, 2025. Parents, guardians and other authorized individuals can request establishment of an account for an eligible minor who has not turned age 18 before the end of the calendar year in which the election is made and who has a valid Social Security number.
The pilot program provides a one-time $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number. Eligibility for the $1,000 contribution depends on the child’s birth year.
Authorized individuals use IRS Form 4547 to request establishment of a Trump Account and to enroll in the pilot program when filing their tax year 2025 return. The form can be submitted with the tax return or through an online portal.
Contributions to Trump Accounts can begin on July 4, 2026. Eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations and individuals, subject to an annual limit.
The accounts aim to build long-term financial security for children. The IRS data reflect elections processed so far during the 2025 tax filing season. Actual deposits for the pilot program will follow verification of eligibility.
For more information on Trump Accounts, visit trumpaccounts.gov. Details on the legislation are available on IRS.gov under One, Big, Beautiful Bill Provisions.
This announcement marks significant early uptake of the program, which was created to provide a financial head start for the next generation. The IRS and Treasury Department have issued proposed regulations to guide implementation, including rules for elections and the pilot contribution.
Southern Maryland families with children in the eligible birth range may benefit from the program as tax filing continues. The one-page election form simplifies the process for parents filing 2025 returns. No additional action is required beyond checking the appropriate box if the child meets the criteria.
The program builds on broader efforts to support working families through tax policy changes enacted in 2025. Early participation numbers suggest strong interest among parents seeking to secure future savings for their children.
Officials continue to refine processes to ensure smooth rollout when contributions open in July 2026. Families should consult IRS.gov or a tax professional for specific eligibility questions.
