The proposed regulations provide that the election to open an initial Trump Account must be made by an authorized individual on Form 4547, Trump Account Election(s) PDF or through the online Form 4547: Trump Account Election Form - IRS Form 4547 in accordance with applicable instructions. An election to open an initial Trump Account must be made on or before Dec. 31 of the calendar year in which the eligible individual attains age 17. 

In general, the individual who makes the election to open an initial Trump Account for an eligible child will be the responsible party of the initial Trump Account. The responsible party generally will have the authority, while the account beneficiary does not have legal capacity, to select among eligible investments (if more than one eligible investment is offered), request a qualified rollover contribution to a rollover Trump Account, request a transfer for a qualified ABLE rollover contribution (subject to certain rules), or select a successor responsible party for the account. 

“Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American Dream,” said IRS Chief Executive Officer Frank J. Bisignano.

For more information on this new provision, see Trump Accounts - Jumpstarting the American Dream