The IRS has introduced new online features that allow taxpayers to view and submit Trump Account elections through their IRS Individual Account. The new tools are meant to make the process easier, faster and more convenient for families using these tax-advantaged accounts. Through the online account, taxpayers can now check the status of Form 4547, Trump Account Election(s), see the next required steps and submit the form electronically. In addition, IRS Chief Executive Officer Frank J. Bisignano said the updates are part of the agency’s effort to improve digital services while helping families save money for college, retirement and future financial needs. The IRS also encouraged taxpayers to visit IRS.gov for more information about benefits available under the law.
The IRS also said the new online system gives taxpayers more transparency and helps reduce delays that often happen with paper forms. Under the One, Big, Beautiful Bill, enacted on July 4, 2025, parents, guardians and other authorized individuals may open Trump Accounts for children younger than age 18 who have valid Social Security numbers. Eligible children born between January 1, 2025, and December 31, 2028, may also receive a one-time $1,000 contribution from the Treasury Department. Moreover, the IRS said it will continue providing updates and additional information about tax benefits available under the law. Taxpayers may also visit TrumpAccounts.gov for additional details about Trump Accounts.
