Why it matters

These new IRS features make it easier for families to establish and manage Trump Accounts by providing a faster, more convenient digital experience. With online submission and real-time status tracking, taxpayers can spend less time navigating paperwork and gain greater visibility into the account election process.

What is a Trump Account?

The One Big Beautiful Bill Act (OBBBA) created a new savings opportunity for families known as Trump Accounts. These are essentially retirement-style accounts for kids — a tax-favored savings vehicle that can grow over time and eventually transition into a traditional IRA once your child reaches adulthood. Check out our blog, Are Trump Accounts Right for Your Family?  for more background.

What’s new with Trump Accounts?

The IRS has added new features to its online individual account platform, giving taxpayers more tools to manage their Trump Accounts, track transactions and complete tax related tasks more securely and efficiently.

Specifically, the new features include:

• The ability to electronically submit Form 4547, Trump Account Election(s) directly through an IRS Individual Account.
• Real-time access to the status of submitted Trump Account elections, including updates on processing and any required next steps.
• A more streamlined, paperless experience that can help reduce errors and speed up processing times.
• Enhanced transparency and account management tools, allowing taxpayers to track important Trump Account-related transactions and activities online.
• Secure access through the IRS Individual Account portal, making it easier to manage elections and account information from one central location.

What are the benefits of the new features? 

For many families, the introduction of online filing and tracking tools removes some of the administrative burden associated with opening and maintaining a Trump Account. Electronic submission can help ensure forms are received more quickly, while online status updates provide greater visibility into where a request stands in the review process.

These enhancements also reflect the IRS's broader push toward digital-first services, giving taxpayers faster access to information and reducing the delays often associated with paper-based processing.

As Trump Accounts continue to gain attention as a potential long-term savings tool for children, these new digital features may make participation more convenient for families looking to take advantage of the program.

How to access the new Trump Accounts App

The new online Trump Accounts app will be available in the Apple App Store and Google Play.  If you do not have access to a mobile device, the official web version of the Trump Account app can be accessed at https://trumpaccount.com/.