The IRS issued a news release announcing that its Individual Online Account platform now allows taxpayers to view submission status and electronically submit Form 4547, Trump Account Election(s), facilitating participation in newly established Trump Accounts. The accounts, created by the One, Big, Beautiful Bill enacted July 4, 2025, permit parents and guardians to establish individual retirement accounts for eligible children under age 18, including a one-time $1,000 Treasury contribution for qualifying children born between Jan. 1, 2025, and Dec. 31, 2028. [IR-2026-68, 05/28/26]
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