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Trump Accounts: Scott Bessent gives big Form 4547 update as April 15 tax deadline ends
US Treasury Sec. Scott Bessent said 5M+ signed up for Trump Accounts via Form 4547; the $1,000 child benefit is a starting point with more perks planned.
On Wednesday, as the deadline for filing taxes in the US came to a close, Treasury Secretary Scott Bessent offered several big updates for those who have opened Trump Accounts using the IRS Form 4547 this tax season.
The $1,000 pilot program is available to children born between 2025 and 2028. Bessent, who was speaking at an CNBC event on Wednesday, said that more than 5 million American families have signed up for the Trump accounts through the Form 4547. But 1.2 million among them have been found eligible.
Given the massive response the Donald Trump's flagship program has received, Bessent, reiterated that the $1000 boost given to children is "just the starting point," and the recipients will be eligible for future benefits too.
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This is the most recent update from the Trump administration regarding the status of the Trump Accounts. Announced earlier in 2025, the program has got a massive response from Americans, with many billionaires and company trusts boosting the initiative with contributions.
However, the Trump administration did not initially provide a timeline for when the payments will be disbursed. But now, the details of the disbursal of one-time tax benefit deposit of $1000 has been revealed on the website of the Internal Revenue Service.
Trump Accounts Update: When Will $1000 Deposit be Credited?
According to the website of the Trump Accounts, the initial $1000 deposit is expected to arrive on July 4, 2026. The guardians of the recipients, however, can make further contribution to the accounts after the initial deposit.
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Notably, the registration for the Trump Accounts started with the tax filing season, which kicked off on January 26. Before that, people could register for it on the website, but the IRS Form 4547 had not been released. Eventually, it was made available on the IRS website on January 26.
"Trump Accounts, easy to remember, Form 4547," Bessent said at CNBC's Invest America Forum "If you haven’t filled it out, we’ve got five million Trump accounts open, and 1.2 million of those filers’ children are eligible for the $1,000 seed investment from the Treasury.
“So, five million accounts are open for children aged zero to 18, and children born during President Trump’s term will receive the $1,000 seed—about 1.2 million so far.”
