Generating Form 4547: Trump Account Elections in ProConnect Tax

This form and instructions are currently in Draft on the IRS website and within the software. These instructions will be expanded once the instructions are finalized. To review the Draft Instructions, see here.

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:

The 4547 is still pending development in ProConnect Tax. Information will be added once the form is available.