Trump Accounts: A New Savings Option for Children

Trump Accounts officially kicked off July 4, 2026, offering a new way to save for a child’s future. A Trump Account is a traditional IRA with specific rules that enable families to start saving and investing for a child early with greater flexibility than a standard retirement account. They operate in a custodial-style structure, meaning the assets are owned by the child but an adult, usually a parent or guardian, is authorized to act on the child’s behalf until the child reaches age 18.

Any child under age 18 with a Social Security number is eligible for a Trump Account. Additionally, through the Treasury’s pilot program, U.S. citizens born between January 1, 2025, and December 31, 2028, are eligible for a one-time $1,000 seed contribution when a tax election is filed on the child’s behalf. Families may have interest in opening an account for a child even if they don’t qualify for the pilot contribution nor plan to make any of their own contributions because in the Northeast specifically, there are several philanthropists, corporations and employers that are offering contributions to Trump Accounts for certain eligible children.

The election to open a Trump Account for a child can be made in one of two ways:

• File Form 4547 with the parent or guardian’s tax return, or
• Use the online tool at trumpaccounts.gov

At the time of election, there is a check box regarding whether you’d like to enroll for the pilot contribution.

Regardless of how the election is made, the Treasury will send information to the parent or guardian electronically to activate the account and gain access to the platform to manage the investments. Taxpayers who made an election with Form 4547 in their 2025 tax return should have recently received this communication from the Treasury.

Be on the lookout for next month’s Tax Talks which will provide further discussion about contributions, withdrawals and additional features of Trump Accounts.