Trump shares new information on 'Trump Accounts' program
What Are ‘Trump Accounts’? A Breakdown of Trump’s New Pitch to Families
As tax season begins, President Donald Trump shared new details on the “Trump Accounts” savings program, part of his One Big Beautiful Bill Act. The program allows parents, guardians, or other authorized individuals to open an individual retirement account for children under 18 who have a valid Social Security number.
The program includes a pilot contribution of $1,000 for children born between 2025 and 2028. The IRS will provide guidance on registration and account management.
The announcement included high-profile supporters such as music artist Nicki Minaj and billionaire Shark Tank star Kevin O’Leary.
What are Trump accounts?
Trump accounts are a new type of individual retirement account created under the One Big Beautiful Bill Act. They are designed to encourage early saving and long-term financial planning for children.
Who is eligible?
Children must be U.S. citizens under 18 with a valid Social Security number. Each child can have only one Trump account, which must be opened by a parent, guardian, or other authorized individual.
Is there initial funding?
The program includes a pilot contribution of $1,000 for children born between January 1, 2025, and December 31, 2028, who meet eligibility requirements.
How do families register?
An online portal is expected to open this summer, but families can also register through their 2025 tax filing using IRS Form 4547. Filers must provide information for themselves and their child, and indicate if they wish to receive the optional $1,000 Treasury contribution.
What’s next?
The IRS plans to release additional guidance on enrollment, tax treatment, and account management as tax season continues.
