The Internal Revenue Service (IRS) today announced new features within IRS Individual Accounts, enabling taxpayers to view and electronically submit Trump Account elections. This enhancement aims to simplify the process of investing in these tax-advantaged accounts.
Through the IRS Individual Account, taxpayers can now securely access their tax information to view the latest submission status of their Form 4547, Trump Account Election(s), including next steps, and submit the form electronically. IRS Chief Executive Officer Frank J. Bisignano said, "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."
Taxpayers will benefit from increased transparency through real-time visibility into the election process. Electronic submissions are also expected to improve accuracy, accelerate processing times, and reduce delays associated with paper forms. Trump Accounts, established under the One, Big, Beautiful Bill enacted on July 4, 2025, allow parents, guardians, or authorized individuals to create 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 from the Department of the Treasury is available for eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, who have a valid Social Security number. The IRS continues to provide updates and additional information regarding the tax benefits under the One, Big, Beautiful Bill.