Personal finance news: Trump Account elections move online at IRS

The news: In personal finance news for families with young children, the IRS announced on May 28, 2026 (IR-2026-68) that taxpayers could view and submit Trump Account elections through their online IRS Individual Account. Users can file Form 4547, Trump Account Election(s), electronically and check the latest status of a submission.

Why it matters: Trump Accounts are a new type of individual retirement account created under the law the IRS refers to as the One, Big, Beautiful Bill, enacted July 4, 2025. Parents, guardians and other authorized individuals can open them for children to save for college, retirement and long-term wealth. Moving the election online removes a paper step that could slow processing, and the IRS said electronic submissions offer better accuracy and faster handling than paper forms.

Who qualifies:

• The child must not have reached age 18 by the end of the calendar year in which the election is made
• The child must have a valid Social Security number

By the numbers:

• $1,000: one-time Treasury pilot program contribution for eligible children
• Jan. 1, 2025 to Dec. 31, 2028: birth window for the pilot contribution
• Pilot eligibility also requires U.S. citizenship and a valid Social Security number

The big picture: For a household with a child born in the pilot window, the election is the gateway to a free $1,000 starting balance from the government. Missing the election could mean missing that contribution, so the online option is a practical improvement for parents who may not have filed the form with their tax return. Families with older children who are not eligible for the pilot can still open accounts, but the seed money is limited to the specified birth years.

What’s next: The announcement did not set a deadline for submitting elections. Parents who already filed Form 4547 on paper can use their online account to confirm its status. Those who have not yet acted should check eligibility, gather the child’s Social Security number and consider filing electronically. Watch for further IRS guidance on how the accounts can be invested and how contributions from others, such as employers, will work.