SAN FRANCISCO (KRON) -- As the Internal Revenue Service's tax filing deadline quickly approaches, parents with young children are faced with a new question: Do you want to create a "Trump Account" for your child? Trump Accounts are part of a pilot program offering $1,000 in tax-favored accounts f or babies that were born on, or after, Jan. 1, 2025. That money from the U.S. Treasury is then invested in the stock market by private firms. The child can access the money when they turn 18. Tax-advantaged Trump Accounts allow parents and guardians to request "a new type of individual retirement account for an eligible minor," IRS officials explained. Taxpayers can use IRS Form 4547, Trump Account Election to request establishment of a Trump Account with their tax year 2025 return.  As of this week, taxpayers have signed up more than 4 million children, according to the IRS. "The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," said IRS Chief Executive Officer Frank Bisignano. "Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution." Why some tax refunds may actually be smaller than expected in 2026 Parents can also contribute up to $2,500 annually in pretax income. The pilot program was established under the "One, Big, Beautiful Bill," enacted on July 4, 2025. Babies who qualify must be born between Jan. 1, 2025, and Dec. 31, 2028, U.S. citizens, and have a Social Security number.  Taxpayers have until April 15, 2026 to meet the deadline for filing 2025 tax returns. The Associated Press contributed to this report. ...read more read less