1 · What is a Trump Account?
Trump Accounts are a federal savings and investment program for children under 18, created by the One Big Beautiful Bill (July 2025). The government deposits an initial $1,000 for qualifying children, the money is invested in U.S. stock index funds, and family, grandparents, and even employers can contribute up to $5,000 per year total (the employer up to $2,500 of that).
Funds stay put until age 18. The official launch is July 4, 2026, but enrollment is already open — and it’s not worth putting off.
2 · When does your child qualify for the $1,000?
- Born between January 1, 2025 and December 31, 2028.
- A U.S. citizen (if born here, automatically — regardless of the parents’ status).
- Has their own Social Security Number (SSN) issued before you apply. If you haven’t gotten one yet, that’s the first step.
- Is your “qualifying child” for tax purposes: lives with you more than half the year (a newborn counts from birth), doesn’t pay more than half their own support, and you expect to claim them as a dependent.
- No one made the election before for that child: only one account and one deposit per child.
Children born before 2025 (under 18) can also have an account, but without the government’s $1,000.
3 · Form 4547, step by step
Three ways: (a) with your 2025 tax return — at Toro Taxes we file it together with your return; (b) electronically from your IRS online account, even if you already filed; (c) through the official TrumpAccounts.gov portal and app (App Store and Google Play).
- Part I — Your information as the responsible person: your name exactly as it appears on your Social Security card (or ITIN documents), full address with county, and your SSN — or your ITIN if you don’t have an SSN. Whoever signs becomes the responsible party on the child’s account.
- Part II — The child’s information: full name, date of birth, and their SSN. Check it matches their card letter for letter.
- Part III — Line 7: check the box to request the $1,000 pilot deposit. Without this box, the account opens but WITHOUT the government money.
- Part IV — Signature: you declare under penalty of perjury that the information is true and that you are authorized.
4 · Did you get a letter from the IRS or the Treasury?
- Verify it’s legitimate: sign in to your IRS account and check “Notices and Letters”; many official letters appear there digitally. A real letter never asks you to pay to open the account.
- Follow its instructions to confirm the child’s information or activate the account (it may point you to the TrumpAccounts.gov portal or app). Ahead of the July 4 launch, the Treasury and the IRS are contacting enrolled families.
- If the letter flags a problem (the child’s SSN doesn’t match, another election already exists), don’t ignore it: bring it to Toro Taxes and we’ll resolve it with you.
- Keep it with your tax documents.
5 · What if I have an ITIN? What if I have an SSN?
- With an SSN: full process. You file Form 4547, claim the $1,000, and you can also claim the Child Tax Credit (CTC) for your baby.
- With an ITIN: you CAN open the account and you CAN request the $1,000, as long as the child meets the requirements in Step 2. In Part I of the form you enter your ITIN; everything else is the same.
6 · Frequently asked questions
Official resources
Stuck on a step? You don’t have to figure it out alone
At Toro Taxes we walk you through it, in English or Spanish — if your baby was born in 2025, this filing and your tax return go hand in hand. Visit us in Warr Acres (inside Supermercados Morelos) or in south Oklahoma City.