Tax Facts

IRS: Taxpayers Can Now Make Trump Account Elections in IRS Accounts

The IRS announced that it has created a new feature in individual IRS accounts so that taxpayers can now officially view their Trump Account elections and make new elections online. The tool allows taxpayers to view the submission status of Forms 4547 and submit those forms. Treasury has also announced the launching of a Trump Accounts app that will be available for download on app stores. For taxpayers born between January 1, 2025 and December 31, 2028, the federal government will make a one-time $1,000 matching contribution. However, no amounts will be contributed until July 4, 2026 (one year after enactment of the One Big Beautiful Bill Act). Taxpayers who have already signed their children up will receive an email from [email protected] directing them how to activate their accounts. For more information on savings options for children, visit Tax Facts Online. Read More: Link to Q3713.01.

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