Trump Accounts Set to Launch July 4: What Families Need to Know
July 1, 2026
A new federal savings program for children is set to take effect this Independence Day, and many parents may be eligible to claim a one time government deposit for their kids.
Trump Accounts, created under the One Big Beautiful Bill Act, are a new type of tax advantaged investment account for minors. The accounts are scheduled to become available July 4, 2026, with contributions allowed beginning that same day.
The program has already drawn significant interest nationwide. The IRS reported that more than 4 million children have been signed up so far, with more than 1 million covered by elections for the program’s $1,000 federal seed contribution.
Who is eligible
Any child under the age of 18 who has a valid Social Security number may have a Trump Account opened on their behalf. There are no income requirements, and the child does not need to have earned income to qualify.
A separate benefit applies to younger children. The pilot program offers a one time $1,000 federal deposit for children who are U.S. citizens and were born between Jan. 1, 2025, and Dec. 31, 2028. That deposit is not automatic. A parent, guardian, or other qualifying adult must make an election for the child to receive it.
Children who do not qualify for the $1,000 deposit can still have an account opened. They simply will not receive the federal seed money.
How the accounts work
Families, relatives, friends, and even employers may contribute up to a combined $5,000 per child each year. Employers may contribute up to $2,500 annually toward that same limit. Funds are invested in low cost index funds and generally cannot be withdrawn until the year the child turns 18, at which point the account converts to a traditional IRA.
The U.S. Treasury Department will create and administer the initial accounts. Families will later be able to transfer the balance to a financial institution of their choosing.
How to sign up
Parents and guardians can open an account in one of two ways. They may file IRS Form 4547 with their tax return, or they may use the online portal at trumpaccounts.gov.
The IRS now allows families to submit and track Form 4547 electronically through an IRS Individual Online Account, which lets them check the status of their election and view next steps. Those without an existing account can create one through ID.me at irs.gov/trumpaccounts.
The election to open an account must be made before Jan. 1 of the year the child turns 18. For families with eligible children born in 2025 or later, officials have stressed that claiming the $1,000 contribution requires only completing the one page form.
Families with questions about whether a Trump Account fits their financial goals, or how it compares to options such as a 529 plan, are encouraged to consult a tax professional or financial advisor.
