If you were wondering why they chose 4547 for the form number to open a Trump Account, you need look no further than the man himself. Donald Trump served as the 45th and now 47th President of the United States, hence Form 4547.
The form can be filed with the tax return, or as a standalone. It even has its own 8879!
Trump accounts may be set up for an eligible child (in a year before the child reaches the age of 18 and who has an SSN). Additionally, eligible children who are born between 2025 and 2028 will receive a $1,000 contribution to their Trump Account from the US Treasury. Employers, family members, friends, or sometimes charitable organizations can also add funds. The money stays put in the account until the child turns 18, at which point it becomes essentially an IRA account, and early withdrawals are subject to penalties.
The Form 4547 is not the only way to open one of these accounts. Taxpayers can open them directly through Trumpaccounts.gov.