How to File Form 4547

Form 4547 is the IRS form you need to file to open a Section 530A account for your child. Don't worry — it's simpler than it looks. Here's a complete walkthrough.

What You'll Need

• Your child's Social Security number
• Your child's date of birth
• Your Social Security number (the person filing)
• Your address

Section 1: Child's Information

This is straightforward — enter your child's full legal name exactly as it appears on their Social Security card, their SSN, and their date of birth.

Section 2: Filer's Information

Enter your name, SSN, and current address. You must be the child's parent or legal guardian to file.

Section 3: Election

This section asks you to confirm you're making the "530A Election" for your child. Just check the box — this is what triggers the $1,000 deposit.

Section 4: Signature

Sign and date the form. If filing electronically with your tax return, your e-signature counts.

How to Submit

You have two options:

1. With your tax return: Attach Form 4547 when you file your federal taxes (fastest processing)
2. Separately by mail: Mail the form to the IRS address listed on the form

After You File

The IRS will process your form and open the account within 4-6 weeks. You'll receive a confirmation letter with account details and instructions for accessing it at Robinhood.