New features in IRS Individual Accounts now allow taxpayers to view and submit Trump Account elections, making it easier for families to invest in this tax-advantaged savings vehicle created by the One Big Beautiful Bill Act, the tax agency said on Thursday.
The announcement comes on the same day the Trump Accounts app was launched on app stores nationwide, ahead of the official start of the new federal program on July 4.
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Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including:
- View the latest submission status of their Form 4547, Trump Account Election(s), including next steps.
- Submit Form 4547 electronically.
“These new features reflect our continued focus on transforming the IRS into a digital-first agency that delivers a faster, more seamless experience for taxpayers and provides a new tax-advantaged investment account for children to save for college, retirement, and building generational wealth,” IRS CEO Frank Bisignano said in a statement on May 28. “By expanding the IRS Individual Account to include this new status, we are providing taxpayers with this tool in addition to features for managing their tax accounts, tracking important transactions, and completing key actions quickly and securely.”
The IRS says taxpayers will benefit from greater transparency through real-time visibility into the Trump Account election process. Electronic submissions also improve accuracy, speed up processing times, and reduce delays associated with paper forms, the tax agency added.
Trump Accounts allow parents, guardians, and other authorized individuals to establish a new type of individual retirement account for their children.
An account can be established for a child who has not reached age 18 by the end of the calendar year in which the election is made and who has a valid Social Security number.
The IRS said early last month that more than 4 million children have been signed up for the savings plans.
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A one-time $1,000 pilot program contribution from the Treasury Department is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
One million of the 4 million who have applied for the accounts were eligible for the $1,000 contribution, the IRS said in early April.
For more information about Trump Accounts, visit trumpaccounts.gov.
Photo credit: The White House/X
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