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Screen 4547 - Trump Account Election(s) (1040)
Show all hidden content.
Overview
Use this screen in the
Other With Return
folder to complete Form 4547, Trump Account Election(s). Form 4547, Trump Account Election is a special type of traditional IRA created for children under 18 to help them save and invest during their early years. It is established and managed by an authorized individual, while the child is the legal owner of the account.
Authorized Individual Information Authorized individuals may include in strict-priority order:
- Legal guardian of the child
- Parent
- Adult sibling
- Grandparent
A person lower on the list can't establish the account if someone earlier on the list is able to do so. Enter the identifying information of the authorized individual to make the Trump Account election.
Authorized individual
File Form 4547 on paper
If you mark this field, it will only print on paper and can't be electronically filed.
Taxpayer or Spouse
Select
T
or S
.SSN
Enter the taxpayer identification number of the authorized individual.
First Name
This is a mandatory field.
Last Name
This is a mandatory field.
Date of Birth
This is a mandatory field.
Phone Number
This is a mandatory field.
Address
The address of an authorized individual may differ from the child.
Child's information
SSN
Enter the social security number of Child enrolling in the Trump Account.
First Name
This is a mandatory field.
Last Name
This is a mandatory field.
Date of Birth
This is a mandatory field.
Relationship
Provide the child's relationship to an authorized individual. This is a mandatory field.
Phone Number
This is a mandatory field.
Pilot Program Contribution (if applicable)
Select
Yes
to claim the $1,000 Pilot program election of Treasury contribution to a qualifying child of the individual opening the Trump account. They need to be born between 2025-2028, and need to be U.S. citizen with a valid social security number.This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual