BIR INFORMS USVI TAXPAYERS ABOUT ELIGIBILITY FOR TRUMP ACCOUNT

Joel Lee, CPA, Director of the Virgin Islands Bureau of Internal Revenue informs individual taxpayers in the Virgin Islands about the eligibility for a new benefit called a Trump Account. Based on recent legislation, parents, guardians, and other authorized individuals can elect to establish this new individual retirement account, called a Trump Account, for the exclusive benefit of certain children. Additionally, if the child was born after 2024 and before 2029, is a U.S. citizen, and meets certain other requirements, the authorized individual may also elect to receive a $1,000 federal contribution to the child’s Trump Account. An election to open a Trump Account and to receive the $1,000 contribution are made by an authorized individual (like a parent or guardian) with the IRS on Form 4547, Trump Account Election(s).

IRS Form 4547 should not be attached to a Form 1040 filed with the Virgin Island Bureau of Internal Revenue. Instead, please file IRS Form 4547 electronically on TrumpAccounts.gov or, alternatively mail IRS Form 4547 directly to the Internal Revenue Service using the following mailing address:

Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0215
USA

The Treasury Department or its agent will send information to complete the opening of the initial Trump Account starting in May 2026. For more information about how to activate the initial Trump Account, go to TrumpAccounts.gov. Taxpayers with questions can call the Office of Chief Counsel at (340) 715-1040.