What is IRS Form 4547? Who qualifies for Trump's $1,000 government deposit and how to claim it

Many American families would be able to take advantage of a new federal program that is aimed at helping children establish their financial security from a young age. The Trump Accounts program launched by President Donald Trump provides eligible children with a one-time $1,000 government payment made directly into an investment account. It is important for parents and guardians to know how to qualify for the benefit.

Trump Accounts started accepting contributions on July 4, 2026. With this, a new opportunity was provided for parents and guardians who could invest money tax-free for the sake of helping children save and grow their money over the course of their lives. Unlike the 529 plans that are more focused on education, these plans are about long-term investments.

Form 4547 has been made available by the Internal Revenue Service (IRS). This form allows authorized adults to apply for an account and the contribution made by the government. Unlike the previous stimulus checks, this money will be used for investment. All information regarding the IRS Form 4547 and who is eligible for the $1,000 deposit has been explained below.

WHAT IS IRS FORM 4547 AND HOW DO TRUMP ACCOUNTS WORK?

The form known as IRS Form 4547 is a government form through which the parent or legal guardian can request the account for their minor who is less than 18 years old. According to El Cronista, the form is also utilized by eligible parents in requesting the contribution of $1,000 from the federal government.

Trump Accounts are special individual retirement accounts (IRAs) designed to help children accumulate savings through long-term investments. Unlike ordinary bank accounts, the money is invested in qualifying mutual funds or exchange-traded funds (ETFs) tracking indexes of American companies.

Even if an adult is authorized to control the account, the owner is actually the child. Contributions can be made by parents, relatives, employers and other eligible contributors.

As per IRS rules, the contributions by individual and employer can only be up to $5,000 annually, during the growth period. The initial contribution of $1,000 put forward by the government is however not part of this limit.

However, the government contribution of $1,000 is not applicable to all children who open an account. The funds remain in the account until its maturity, which occurs on December 31 in the year prior to the 18th birthday of the beneficiary.

WHO QUALIFIES FOR TRUMP'S $1,000 DEPOSIT AND HOW CAN PARENTS CLAIM IT?

According to El Cronista, the requirements for the children to qualify for the government's initial contribution include being born in the period starting from January 1, 2025, to December 31, 2028, and being US citizens with a Social Security number.

The parents who wish to receive the benefit need to fill out IRS Form 4547 and tick off Line 7 in Part III, where the $1,000 deposit is requested from the government.

This form can be filed electronically along with the respective federal income tax form or mailed to the IRS using the designated filing instructions.

It is recommended that families ensure that their child qualifies before applying for the program. It should be noted that this amount is not given as a direct money transfer to the parent’s bank account, but rather to the child’s investment account.

This initiative has been aimed to give eligible children an early financial foundation, allowing investments to potentially grow over time.