Fox Business95%
IRS unveils proposed regulations for new Trump Accounts savings program47%
By Eric Revell81%
3/9/2026, 11:03:46 AM
Topics: Economy
BS Summary: This article contains 10 faulty reasoning types, including no named faulty reasoning patterns yet, with no single egregious example has been isolated yet. Analysis detected 603 faulty-reasoning hits from 520 analyzed words, generating a BS Score of 44.5% and a BS Rank of 47% (12,607 of 23,538 articles). This article is better (less manipulative) than 53.60% of the article peer group.
The IRS and Treasury Department on Friday put forward new proposed rules and processes that cover the implementation of Trump Accounts for parents and guardians who want to use the savings accounts for their children.
Trump Accounts were created under the One Big Beautiful Bill Act that was enacted last year and is expected to open for contributions after July 4, 2026.
Ahead of the official launch of the accounts – which may be opened for children born between Jan. 1, 2025, and Dec. 31, 2028, as well as those born before 2025 who are under the age of 18 – the IRS and Treasury Department have to finalize regulations for the accounts.
The newly proposed rules include processes for opening an initial Trump Account using Form 4547, which allows an authorized individual to make an election opening the initial Trump Account.
The election to open a Trump Account must be made on or before Dec. 31 of the calendar year in which the eligible individual turns 17.
Instructions for Form 4547 are currently available on the IRS website and the agency plans to allow individuals to file a one-page version of the form either at the same time they file their tax return or on a separate online portal.
The form also gives the individual the option of requesting the $1,000 contribution from the Treasury's pilot program for an eligible child's Trump Account.
While children born between the start of 2025 and the end of 2028 are eligible for the federal contribution, those born before 2025 are ineligible for the seed money.
If an election for the $1,000 pilot program is made at the same time as the decision to open an initial Trump Account, the authorized individual is able to make the election for a contribution.
If no election is made for the pilot program at the time the election to open a Trump Account is made, a different process would be used for determining an authorized individual.
The proposed rule for priority ordering would be a legal guardian, parent, adult sibling and then the grandparent of the eligible individual.
Additionally, the proposed rules state that the individual who makes the election to open a Trump Account will be the responsible party who has authority to make investment choices among the options available while the account beneficiary is below the age of legal capacity.
The responsible party may also request a qualified rollover contribution to a rollover Trump Account, request a transfer for a qualified ABLE rollover contribution under certain rules or select a successor responsible party for the account.
"Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American dream," said IRS CEO Frank Bisignano.
"Creating Trump Accounts was one of the most important provisions in President Trump's historic One Big Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts," Bisignano added.
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