Generating Form 4547: Trump Account Elections in ProSeries

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. Open ProSeries 2025.
2. Press F6 on the keyboard to bring up Open Forms.
3. Type 4547 to highlight the Form 4547.
4. Select OK to open the Form 4547.
5. In the Filing With Return Smart Worksheet check the Yes box to activate the form.
   • Select No if you'll be paper filing the 4547 without the tax return. If No is selected the form must be manually completed.
6. Review the Authorizer Info Smart Worksheet if the Married Filing Jointly spouse should be added as an authorizer and confirm the address.
7. In Part II enter the first child's information.
8. In Part III check the box if the child qualifies for the Pilot Program Contribution and the child would like to participate.
9. Complete Part II and III for any additional qualified children. If you need to enter more than two children, a second 4547 will need to be completed from the IRS website and attached as a PDF attachment. See How to attach a PDF to an e-filed return in ProSeries for more information.