Parents can now begin the process of opening up one of President Donald Trump’s namesake savings accounts for their children.
“Give your child a jumpstart to the American Dream!” the White House posted to X on Monday, while encouraging parents to sign up for “Trump Accounts” via the official TrumpAccounts.gov website and using the newly-created Internal Revenue Service (IRS) Form 4547.
Why It Matters
The administration has touted the accounts, authorized under Trump’s “One Big Beautiful Bill,” as a landmark initiative, and one that will allow American children to build up significant savings even without individual contributions. The president’s Council of Economic Advisers estimates that balances could range between $18,100 and $1.1 million by the time an account holder turns 28, depending on the level of contributions, though some economists have said these projections fail to account for inflation and exaggerate potential returns.
What To Know
Trump Accounts, also known as 530A accounts, are tax-deferred, IRA-style savings accounts eligible for all children under 18, and will be officially open for contributions in July. The government has pledged to create accounts for any child born between 2025 and 2028 and to kickstart these with a one-time seed contribution of $1,000.
And parents are now able to start the process of creating a Trump Account by filling out Form 4547 at TrumpAccounts.gov. Additionally, families are able to include the form when filing their 2025 tax returns, and according to posts on X, those filing have already been offered the option to sign their children up for these accounts.
“After the election is made (and after the Treasury Department coordinates with the trustee of the initial Trump account), the Treasury Department or its agent will send information to the individual who made the election to activate the account through an authentication process and complete the opening of the initial Trump account,” the IRS said in guidance published in December. “The Treasury Department or its agent will send this information starting in May 2026.”
“NOW OPEN: Jumpstart your child’s American Dream by filling out Form 4547,” the Trump Account’s Treasury-run X page posted late Sunday night, shortly after the nonprofit advocacy group InvestAmerica ran a 30-second ad promoting these during the Super Bowl.
The ad features several child actors proclaiming the benefits of opening a Trump Account—allowing them to pursue their chosen careers, fund higher education and save for future costs like purchasing like a home—while emphasizing that millions of these will be pre-funded with “free money.”
What People Are Saying
Treasury Secretary Scott Bessent, during an event promoting Trump Accounts in late January, said: “Trump Accounts are among the most significant policy innovations of modern times. They mark a singular moment in economic history by expanding the benefits of private ownership and compound growth to all Americans.”
John Berlau, director of Finance Policy at the Competitive Enterprise Institute (CEI), previously told Newsweek: “Trump accounts offer American families another option for tax-advantaged-savings and give philanthropists and employers an easier way to boost savings for children. These are very good things. Families and their financial advisers will have to evaluate their particular circumstances to decide if contributions to Trump Accounts are their best options for building savings.”
What Happens Next
In addition to the government contribution, restricted to those born after December 31, 2024, and before January 1, 2029, several billionaires, including Dell Technologies founder Michael Dell and hedge fund manager Ray Dalio, have pledged funds to kickstart the accounts of certain children who are ineligible for the $1,000 seed money.
