Opened a Trump Account? Here’s what to expect next

June 2026 update: Clients can now view and submit Trump Account elections electronically through their IRS Individual Accounts. 

Treasury has also launched the Trump Accounts app, which clients may use, along with TrumpAccounts.gov, to complete account activation after receiving official Treasury instructions. 

Clients who already submitted Form 4547 should watch for phased activation emails from [email protected]. To avoid scams, they should use only the official Trump Accounts app, TrumpAccounts.gov or TrumpAccount.com. Beginning July 4, 2026, Trump Accounts may accept eligible contributions, and eligible children may begin receiving the $1,000 Treasury pilot program contribution.

Trump Account elections start the process

Filing Form 4547, Trump Account Elections(s), or completing the online election is only the first step in the Trump Accounts process. After submission, clients must wait for Treasury’s activation instructions, complete authentication, monitor for the $1,000 pilot program contribution if elected and prepare to make their own personal contributions. Treasury recently announced that BNY will manage the initial accounts while Robinhood will serve as the brokerage and initial trustee. A dedicated Trump Accounts app is also being developed for account access and management.

Upcoming Treasury notifications

Clients may start asking, “I filed to open the account and receive the starter funds, what happens next?” It is important to clarify that submitting the election does not immediately open or fund the account. Instead, the filing reserves the election, and clients must wait for activation instructions from the Treasury, which are expected to begin in May 2026. Until then, clients should retain their Forms 4547 and any correspondence and watch for official notices.

$1,000 pilot program contribution: activation and deposit timeline

For those who elected the $1,000 pilot program contribution, the deposit will not occur immediately. Treasury will contribute only after the account is activated and eligibility is confirmed, and not before July 4, 2026.

Making personal contributions to your Trump Account

Families may also be wondering when they can start making their own contributions to a Trump Account. The good news is that once the account is activated, families, friends, employers, nonprofit organizations and local governments can contribute up to $5,000 per eligible child per year. 

• The account must first be opened through Treasury’s authentication process. 
• No contributions may be deposited before July 4, 2026.

That gives clients a clear runway: watch for and complete the activation instructions and then be ready to begin funding the account under the program’s contribution limits.

BNY and Robinhood set to launch dedicated account app

The Treasury’s announcement that BNY and Robinhood will administer the accounts signals that operational infrastructure is being established. Clients should expect to access and manage their accounts through a dedicated app once activation begins.

What to expect after filing Form 4547

In summary, filing Form 4547 is just the beginning. Clients must complete activation, and those eligible for the $1,000 contribution may need to wait until after July 4, 2026, for funding. With BNY, Robinhood and a Treasury-controlled app involved, tax professionals can now give clients a clear picture of what to expect next.

• Watch for Treasury activation instructions, expected to begin in May 2026.
• Complete the authentication process to fully open the account.
• Do not expect or make any deposits, including the $1,000 pilot contribution, before July 4, 2026.
  • If the $1,000 pilot contribution was elected, wait for Treasury to confirm the account is open and eligibility is met.
  • Be ready to make personal contributions once the account is activated.
• Remember that families, friends, employers, nonprofit organizations and local governments can contribute up to $5,000 per year per eligible child.
• Keep a copy of all Forms 4547 and any IRS or Treasury correspondence.
• Monitor official updates at IRS.gov/Form4547 and trumpaccounts.gov.
• Expect account access and management tools to roll out through the new app Treasury is developing with BNY and Robinhood.
• Parents or legal guardians, be prepared to manage the account as the party responsible once it is active.