Issue Number: IR-2026-42 Inside This Issue
4 million children have been signed up for Trump Accounts with 1 million claiming the $1,000 pilot program contribution IR-2026-42, March 31, 2026 WASHINGTON – The Internal Revenue Service today announced that taxpayers have signed up more than 4 million children for tax-favored Trump Accounts, of which more than 1 million children are covered by elections for the $1,000 Trump Accounts pilot program contribution. Eligibility for the $1,000 pilot program contribution depends on when the child was born. "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," said IRS Chief Executive Officer Frank J. Bisignano. "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." The IRS data on Trump Accounts and the pilot program elections are based solely on how many Form 4547, Trump Account Election(s) have been submitted with individual tax returns to the IRS to date. The Trump Accounts and the Trump Account contribution pilot program were established under the One, Big, Beautiful Bill, enacted on July 4, 2025. The eligibility requirements for the Trump Accounts and the pilot program are as follows: - The tax-advantaged Trump Accounts allow parents, guardians and other authorized individuals to request establishment of a new type of individual retirement 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 has a valid Social Security number.
- The Trump Accounts pilot program offers a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
Parents or other individuals who qualify to make the election can use IRS Form 4547, Trump Account Election(s) to request establishment of a Trump Account and to enroll in the pilot program with their tax year 2025 return. Contributions to Trump Accounts can be made starting July 4, 2026. All eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations and individuals, subject to an annual limit. Visit trumpaccounts.gov for more information on Trump Accounts. For more information on the provisions of the new legislation, see One, Big, Beautiful Bill Provisions on IRS.gov.
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