The Internal Revenue Service (IRS) today announced new features within its IRS Individual Accounts, enabling taxpayers to easily view and submit Trump Account elections. This digital enhancement aims to simplify the process of investing in these new tax-advantaged accounts.
Taxpayers can now securely access their tax information online to view the latest submission status of their Form 4547, Trump Account Election(s), including next steps, and submit the form electronically. This move is part of the IRS's ongoing effort to become a digital-first agency.
"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," said IRS Chief Executive Officer Frank J. Bisignano.
Established by the One, Big, Beautiful Bill on July 4, 2025, Trump Accounts are a new type of individual retirement account for children under 18 with a valid Social Security number. A one-time $1,000 pilot program contribution is available from the Department of the Treasury for eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, who also have a valid Social Security number. The IRS will continue to provide updates on the tax benefits under the One, Big, Beautiful Bill.