The Treasury Department and the IRS released proposed regulations last week providing guidance regarding the contribution pilot program for Trump Accounts, a new custodial-style traditional individual retirement account for minors—owned by the child but administered by an adult—created last year by the One Big Beautiful Bill Act.
The proposed regulations issued March 6 provide rules on how the Treasury Department will make one-time $1,000 pilot program contributions to the Trump Accounts of eligible children for whom elections have been made.
They also provide guidance regarding the effects of making an election for an eligible child to receive a $1,000 contribution and define other qualifications.
According to the IRS, the proposed regulations will assist individuals who will make elections for eligible children to receive $1,000 pilot program contributions. In order for an eligible child to receive a $1,000 pilot program contribution, an election for a pilot program contribution must be filed by an individual, typically a parent or guardian, who anticipates the child will be his or her qualifying child for the year during which the election is made, the agency said. Expecting parents who want to participate need to make an election and may be in a situation to do so during the tax year in which the child is born.
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Elections for pilot program contributions may be made as soon as the child meets all of the following eligibility criteria after a Trump Account has been established for the child:
- The eligible child must be born in calendar year 2025, 2026, 2027, or 2028;
- Be a United States citizen;
- Have been issued a Social Security number; and
- Be someone for whom no prior pilot program election has been made by any individual and processed by the Treasury Department.
Generally, the parent/guardian or other individual who anticipates the child will be his or her qualifying child for the year during which the election is made is considered the “pilot program-electing individual,” the IRS said.
Form 4547, Trump Account Election(s), is a new form for establishing a Trump Account and for electing for the child to receive the pilot program contribution.
Trump Accounts will officially launch on July 4, 2026.
More information on Trump Accounts can be found here.
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