If you’ve heard about the new Trump Accounts for children and aren’t sure what they are, here’s the simple explanation.

A Trump Account is a new tax-advantaged investment account for a child. Think of it as a way to start putting money away for a child’s future while they’re still young.

Who can have one?

Generally, a Trump Account can be established for a child under 18 who has a valid Social Security number.

What about the $1,000?

This is the part getting most of the attention.

Children born in 2025, 2026, 2027 or 2028 may qualify for a one-time $1,000 contribution from the U.S. government if they meet the eligibility requirements.

The $1,000 does not come from the parents. It is a government contribution to the child’s account.

What if my child was born before 2025?

A child born before 2025 may still be eligible to have a Trump Account. The 2025–2028 birth dates apply to eligibility for the special $1,000 government contribution.

Can parents and grandparents add money?

Yes. Parents, grandparents and others can contribute to the account. Under the current rules, contributions subject to the annual limit can generally total up to $5,000 per year.

How do I sign my child up?

The IRS uses Form 4547, Trump Account Election(s). An election can also be made through an eligible taxpayer’s IRS Individual Online Account.

The Bottom Line

If you have a child under 18, Trump Accounts are worth knowing about. If your child was born between January 1, 2025 and December 31, 2028, you should especially check whether the child qualifies for the one-time $1,000 government contribution.

Have questions about Trump Accounts or Form 4547?   Contact me and I’ll be happy to help you determine what applies to your family.