Trump Accounts for Foster Children

Foster children are eligible for a Trump Account too — but the process usually runs through the state child welfare agency, not an individual foster parent filling out Form 4547 at home.

Why this is different

To open a Trump Account, the person filing has to be the child's legal guardian (or next in the priority order if no guardian is available). For a child in foster care, legal guardianship typically sits with a state, territorial, or tribal child welfare agency — not the foster parent personally, unless that foster parent has been granted formal legal guardianship through the courts.

What happens when a child leaves foster care

According to federal guidance, when a child exits state custody for a reason other than turning 18 — reunification with family, adoption, or a guardianship arrangement — responsibility for the account transfers to whoever becomes the new responsible party. When the child turns 18, they take control of the account themselves, same as any other Trump Account holder.

If you're a foster parent, not the agency

If you're an individual foster parent and you don't hold formal legal guardianship of the child through the courts, you likely aren't the "authorized individual" for filing purposes — that's the state agency's role. Worth checking with your state's child welfare agency or caseworker about whether an account has already been opened, or is in the process of being opened, before assuming you need to file anything yourself.

One thing worth knowing: this is a newer, still-developing part of the program. Federal guidance has specifically flagged foster children, orphans, emancipated minors, and wards of the state as categories the IRS is still refining rules for — so it's worth checking for updated guidance if your situation doesn't fit neatly into what's described here.

If you're a legal guardian yourself

If you've been granted formal legal guardianship of a child in your care — as opposed to being a foster parent without that legal status — you may be the authorized individual yourself, following the same process as any other guardian. form4547assistant.com can walk you through that regular filing process.