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The child must be a US citizen to be eligible.
Go to this IRS website for the Form 4547, Trump Account Election(s) instructions - https://www.irs.gov/pub/irs-pdf/i4547.pdf
From Instructions for Form 4547 :
Valid social security number (SSN). The child must
have an SSN issued to them before the date of the Trump
account election. A valid SSN for purposes of Form 4547
is one that is valid for employment and that is issued by
the Social Security Administration (SSA) before the Trump
account election is made. If the child was a U.S. citizen
when he or she received the SSN, the SSN is valid for
employment. If “Not Valid for Employment” is printed on
the social security card and the child’s immigration status
has changed so that the child is now a U.S. citizen or
permanent resident, ask the SSA for a new social security
card without the legend. However, if “Valid for Work Only
with DHS Authorization” is printed on the social security
card, the child’s SSN is valid only as long as the DHS
authorization is valid.
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