- Trump Accounts are child-owned savings accounts administered by parents.
- U.S. citizens under the age of 18 can qualify for an account.
- Eligible children receive a $1,000 seed contribution for specific birth years.
- Funds in Trump Accounts will be invested in American companies.
- Parents can contribute up to $5,000 annually to maximize growth.
Festive celebrations like a patriotic Hoover Dam and competing concert series aren’t the only thing set to make this year’s Fourth of July historic.
Across the country, millions of parents anticipate July 4 as the day when thousands of dollars will flow into Trump Accounts for their children.
“This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation,” President Donald Trump said on a Trump Accounts fact sheet released by the U.S. Department of the Treasury.
How exactly do Trump Accounts work? And how can you enroll your child in one?
Whether you’re already a parent, soon to be or just want to stay in the loop, here’s what to know about this new program.
What is a Trump Account?
Trump Accounts are child-owned, parent-administered savings accounts that function similarly to an IRA. All U.S. citizens with a valid Social Security number under the age of 18 in the year an account is made are eligible.
Additionally, children born between Jan. 1, 2025, and Dec. 31, 2028, can participate in the Trump Accounts pilot program that offers a $1,000 seed contribution to the account from the Secretary of the Treasury. More than 1 million children who have signed up for Trump Accounts are eligible for the pilot program contribution, the IRS reports.
“This is a transformational investment for kids in every zip code,” said Utah Rep. Blake Moore, an early advocate of Trump Accounts, in a statement to the Deseret News. “It doesn’t matter if you live in an apartment in the city or on the country road; your kids will have access to something that most people don’t take advantage of until they are well into their careers.”
More than 82 companies, foundations, states and individuals have announced contributions to the Trump Accounts program.
“We’re already seeing significant interest in this program, including an incredible charitable contribution of $6.25 billion from Michael and Susan Dell,” Moore said.
Funds stored in Trump Accounts will be invested in American companies and the account beneficiary will have access to the funds on Jan. 1 of the calendar year they turn 18. Until that time, investments can be managed and tracked using the Trump Accounts app.
More than 4 million parents have already signed their child up for a Trump Account since Trump Accounts were created under the One, Big, Beautiful Bill Act on July 4, 2025. These parents, as well as their employers and other organizations, can start contributing funds to these accounts next month on July 4.
The goals of the Trump Accounts program include “encouraging wealth building and distributing wealth more broadly throughout the economy,” in addition to encouraging individuals to save their own money, according to a report from Congress.
“At the very heart of this policy is the goal of providing opportunities for Americans at an early age,” Moore said. “Good government policy empowers individuals and nurtures and encourages the best of human ingenuity and progress. That’s exactly what Trump Accounts aim to do, and I’m thrilled to have been a leader in this effort.”
How do I create a Trump Account for my child?
Step 1: Sign in or create an IRS account.
Step 2: Submit the IRS Form 4547 using your child’s Social Security number, date of birth and address. The form can be submitted when you file your taxes or at any time through the secure IRS website.
Step 3: Download the Trump Accounts app or go to TrumpAccount.com and create an account. The mobile app and website will help you to activate the account and manage the account’s activity.
Step 4: Wait for an official email to authenticate the account.
What happens during the ‘growth period’?
The time in between when the account is created and when the child can access their funds at age 18 is called the “growth period.”
Generally, no withdrawals are allowed during the growth period. A few exceptions exist, including qualified rollover funds.
Contributions to the account are not required, but contributors can deposit up to $5,000 per year to magnify growth. The annual contributions limits will adjust to accommodate inflation starting after 2027.
Eligible contributions include those made by employers of parents and children, account beneficiaries, parents of account beneficiaries, and qualified government organizations.
Whether additional funds are allocated into the account or not, the account balance will grow over time.
After the child turns 18, they will gain access to their Trump Account funds and the account is treated similarly to a traditional IRA.
Account beneficiaries can withdraw funds immediately or continue to let the funds grow. Withdrawals may be subject to restrictions and standard income tax rates.
Questions about Trump Accounts can be resolved by contacting the Trump Account call center at 866-USA-4547.