Today the IRS issued proposed regulations under new IRC §§530A and 6434, which govern Trump account pilot program contribution elections. (REG-117002-25, REG-117270-25)
The proposed regulations govern how to open a Trump account and elect the $1,000 pilot contribution for eligible children and generally follow the initial guidance issued in IRS Notice 2025-68. The IRS will be issuing future proposed regulations governing Trump account contributions, investments, distributions, reporting, and coordination with IRA rules.
Here are some of the key points of the proposed regulations:
- Pilot program elections can be made at any point during the year for an eligible child. This allows an eligible individual (generally the child’s parent) to elect to open a Trump account for their child as soon as the child becomes eligible, instead of waiting until the close of the taxable year;
- A pilot program contribution can only be made to a Trump account that has been set up for a child. So, for example, even if a child is born in tax years 2025 through 2028 and is eligible to receive a pilot program contribution, no contribution will be made to the child unless a Trump account is set up for the child and an election has been made to receive a pilot program contribution. The election to claim the pilot program contribution must be made by an individual who anticipates that the child will be the individual’s qualifying child for the taxable year in which the election is made; and
- Only one pilot program contribution can be made per child, but the election can be made at any time during the growth period for a child. For example, a child who is born in 2025 is eligible to have a Trump account opened for them and receive a pilot program contribution. Both the election to open a Trump account and receive a pilot program contribution for the eligible child can be made up to December 31 of the year the child turns age 17.
A child becomes eligible to have a Trump account opened for them as soon as they become a U.S citizen and have a Social Security number. In order to receive a $1,000 pilot program contribution, there is one additional requirement: The child must be born in calendar years 2025 through 2028.
The election can be made by:
- Filing Form 4547, Trump Account Election(s), either as a stand-alone form or with the return filed by the individual making the election; or
- Submitting an electronic application at: www.trumpaccounts.gov.
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