Parents now have two options to open a Trump Account (TA): They can file IRS Form 4547 electronically at trumpaccounts.gov or include the form with their 2025 tax returns. TAs offer families a new way to build savings for their children. A TA can be set up for anyone who’ll be under age 18 at the end of the tax year and who has a Social Security number. Annual contributions of up to $5,000 can be made until the year the beneficiary turns age 18. In addition, U.S. citizen children born between Jan. 1, 2025, and Dec. 31, 2028, can potentially qualify for an initial $1,000 government-funded deposit. Contributions aren’t deductible, but earnings grow tax-deferred as long as they’re in the account.
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