06/24/2026
Clients are receiving letters stating that the Trump Account Form 4547 was missing information or completed incorrectly. This is a misleading statement from the government (which is nothing new, and not the first time the government has mislead us). As always, the IRS could have done a better job accurately creating the application prior to rolling out the tax forms in January. They just didn't know what information they would be requesting for us to provide. All they asked us to provide was Child's first name, Child's middle name, social security number and birthdate. Obviously that is not enough information to set this account up and prepare for 18 years of time to pass before access can be obtained for the money.
If you remember at tax time, I told (advised) you that additional information would come from the government in June and probably July that would explain the program or help you get the account established. The tax professionals were educated in late December to communicate to our clients that there would probably be a "packet" sent to these new Trump Account recipients. Now that the government has determined what they need, they have created a QR code to aid you in setting up your Trump Account.
So, no need to contact our office, please simply use the QR Code and set-up the Trump Account on the Trump website.
Thank you for your patience as the government rolls out this new IRA program for new babies.
