The IRS issued a news release providing proposed regulations outlining general requirements for Trump Accounts, including election rules and responsible party designations. The regulations provide guidance for parents and guardians interested in opening initial Trump Accounts for eligible individuals, with elections required before the eligible individual turns 17. The process allows authorized individuals to file a one-page Form 4547 either with their tax return or through an online portal, with the regulations also addressing eligibility for the $1,000 pilot program contribution. [IR-2026-33, 03/06/26]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
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