Social Security Commissioner Frank Bisignano
The CEO of the Internal Revenue Service told House lawmakers Wednesday that the agency has received 2 million requests for Forms 4547, which taxpayers will need to file to open a Trump account. The IRS is busy ensuring that "everyone has all the information they need well in advance" of the July 4 start date for Trump account contributions, Frank Bisignano said.
Bisignano also told members of the House Ways and Means Committee that the filing season "opened successfully" Jan. 26 and "has run smoothly thus far in terms of return processing and the performance" of the agency's information technology systems.
"We expect more than 140 million individual tax returns for tax year 2025 to be filed ahead of the April 15 federal deadline," Bisignano told committee members.
Through Feb. 21, the IRS had received about 42 million individual federal income tax returns and issued about 29 million refunds totaling more than $109 billion, Bisignano testified.
"The IRS workforce navigated preparation for the 2026 filing season while implementing major tax changes in the [Working Families Tax Cuts] designed to help working families across America," Bisignano said. "This situation challenged our ability to make the necessary annual changes for the filing season. Nonetheless, as a result of the ongoing efforts of our employees, the IRS is on track to deliver a smooth filing season again this year."
Rep. Jason Smith, R-Mo., the committee chair, noted in his opening remarks that this tax filing season "shows how the promise of the Working Families Tax Cuts we enacted last year is becoming reality: Americans are getting bigger refunds that put more money back into their pockets. Average tax refund amounts are 10% higher this filing season."
Rep. Richard Neal, D-Mass., ranking member on the committee, countered in his remarks that while President Donald Trump "promised the 'largest refund season in history' with increases of $1,000 ... Filing season data is showing increases averaged at just $350, a far cry from what Republicans guaranteed."
Trump Accounts
The funds in Trump accounts, officially known as Invest America accounts, must be invested in certain mutual funds or exchange-traded funds that track the S&P 500 or another index of primarily American equities.
Parents, guardians and employers can contribute up to $5,000 each year, with tax-free growth and tax-free withdrawals for education, a first home or starting a business.
Every child born between 2025 and 2028 will automatically receive a $1,000 federal seed contribution, and there are no income limits for contributors.
Bisignano noted Wednesday that the IRS, in coordination with the Treasury Department, is implementing Trump accounts.
"We are focused on making it as easy as possible to open an account for an eligible child or contribute to an account," Bisignano said. "The goal is to ensure everyone has all the information they need well in advance of the start date for Trump account contributions."
As part of the implementation efforts, IRS and Treasury have developed the required Form 4547, Bisignano continued.
"Initial demand for Form 4547 has been very strong: As of Feb. 18, the IRS had already received approximately 2 million Forms 4547 from people seeking to open Trump accounts," he noted.
Frank Bisignano. Credit: Alex Brandon/AP Photo
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.