IRS Requests Comments on Form 4547, Trump Account Election(s)

The Internal Revenue Service (IRS) is requesting comments regarding information being collected on new Form 4547, Trump Account Election(s), and new Form 8879-TA. Form 4547 will be used to make the election to establish an initial Trump account for an eligible child. It will also be used to make an election for a $1,000 pilot program contribution from the U.S. Treasury to a child’s Trump account if they are eligible for the contribution. Form 8879-TA will generally be filed by practitioners for a Form 4547 that is electronically filed with a tax return on behalf of a taxpayer. Comments are invited on whether the information being collected is necessary and has practical utility. The IRS is also interested in suggestions to enhance the quality and clarity of information collected and minimize the burden on respondents—including through the use of automated collection techniques. Comments are due by March 6, 2026.