Form 4547

[jmbillmeyer]

My client has 3 children they would like to enroll in the Trump accounts filing form 4547 with their tax return. The form only has space for 2 children; how do I populate another form for the 3rd child? I have tried selecting the form again, but it just gives me the current one with the 2 children on.

[Terry53029]

I have the same issue. Instructions say to attach another 4547 to the return if more than two children. I believe we have to fill out a pdf of the form and attach as a pdf.

[BobKamman]

Triplets?  Only 2025 babies are eligible.  At least for the free money, and there are better alternatives for older kids.  

[Terry53029]

Yes

[Terry53029]

@BobKamman from IRS. 

Additionally, the federal government will make a one-time $1,000 pilot program contribution to the Trump Account of each eligible child for whom an election is made, who is a U.S. citizen and who is born on or after Jan. 1, 2025, through Dec. 31, 2028.

You can also look at https://www.irs.gov/pub/irs-drop/n-25-68.pdf

[BobKamman]

@Terry53029  Exactly.  Only babies born in 2025 qualify for the free money.  There are about 2,500 triplets born every year in the US.  So, you want me to pay for software so all three of the kids can start accounts that still require their parents to finish the paperwork at some financial institution?  (Assuming that the limit of two is not imposed by IRS.)  

In the category of BFD, children aged 10 and under (born before 2025) may qualify for a $250 contribution funded by a charitable gift from  Michael & Susan Dell's private charities, provided they live in specific ZIP codes with median incomes below $150,000.  

I once had a client who was closely enough related to the Dells to qualify for invitations to their family reunions.  An elderly widow with limited resources, she asked if she could buy one of their computers at wholesale price.  The request fell on deaf ears.  But if they now think they can get into heaven, at least from certain ZIP codes, by giving away small amounts to vast numbers, more power to them.  At least they don't want an airport named after them.