Generating Form 4547: Trump Account Elections in Lacerte

What is a Trump Account?

A Trump account is a type of traditional individual retirement account (IRA) established by an authorized individual for the exclusive benefit of a child listed in Form 4547, Part II. The child listed in Form 4547, Part II, will be the owner of the initial Trump account (also referred to as the “account beneficiary” of the Trump account). In order for the child to qualify to receive the $1,000 pilot program contribution to their Trump account, the child must meet additional requirements. To see if a child can have an initial Trump account established for them, see Account Beneficiary in the 4547 instructions. To see if the child is eligible for a pilot program contribution, see Pilot Program Contribution Election in the 4547 instructions. To see who is an authorized individual who can elect to establish the initial Trump account for a child, see Authorized Individual in the 4547 instructions.

To generate the 4547 election:

1. Go to Screen 95. Trump Account Elections (4547).
2. In Part I - Parent/Guardian or Other Authorized Individual Information leave the field blank if the responsible party is the taxpayer, enter a 1 if it's the spouse.
3. Complete Part II - Child's Information for the first child.
4. If the child is eligible for the $1,000 pilot program, complete Part III - Pilot Program Contribution Election.
5. Use the Add button on the left side and repeat steps 2-4 for each qualified child.

How to enter taxpayer and spouse information that's different then Screen 1 Client Information.

1. Go to Screen 95. Trump Account Elections (4547).
2. Select Responsible Party on the left.
3. Complete Part I for Taxpayer and Spouse to make any changes to the address or phone number.

How to indicate the 4547 will be mailed instead of e-filed:

1. Go to Screen 95. Trump Account Elections (4547).
2. Select Responsible Party on the left.
3. Under Trump Account Election(s) (Form 4547) check the box Not e-filing Form 4547 (will need to be mailed to the IRS)