What’s New
Trump accounts and new Form 4547.
Recent legislation allows parents, guardians, and other authorized individuals to elect to establish a new type of individual retirement account, called a Trump account, for the exclusive benefit of certain children. 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 pilot program contribution to the child’s Trump account. Both elections can be made on Form 4547, which can be filed at the same time as the authorized individual’s 2025 income tax return. For more information on Trump accounts, and to learn how to make these elections, see Form 4547 and its instructions.
Social security number (SSN) required to claim the child tax credit (CTC) and additional child tax credit (ACTC).
Beginning in tax year 2025, you must have a valid SSN to claim the CTC or ACTC. If you are filing a joint return, only one filer must have a valid SSN. The other filer must have either an SSN or an individual taxpayer identification number (ITIN), and it must have been issued on or before the due date of your return. For more information, see SSN Required Before the Due Date of Your Return To Claim the CTC and ACTC , later.
CTC amount increased.
The maximum amount of CTC for each qualifying child increased to $2,200.