Trump Accounts for Kids
A Trump Account is a new type of savings account for children under 18, created by federal law in 2025. It works like a starter IRA: the child owns it, but a parent or guardian manages it until they turn 18.
Do You Qualify for the $1,000 Bonus?
Children born January 1, 2025 through December 31, 2028 who are U.S. citizens with a Social Security number get a one-time $1,000 deposit from the government, automatically, once the account is opened. Kids born outside that window can still have an account opened for them, just without the free $1,000.
How to Open One
Check eligibility
Your child needs a valid Social Security number and must be under 18. Each child can only have one Trump Account.
File IRS Form 4547
This is the official election to open the account. You can file it with your tax return (ask us about this at your VITA appointment), or submit it separately.
Or use the online portal
You can also open one directly at trumpaccounts.gov instead of filing the form with your taxes.
Wait for setup
The U.S. Treasury assigns the account's custodian and sets it up. You'll get information in the mail and can track it through your IRS online account.
Good to know: Families and employers can contribute up to $5,000 a year total. Money is invested in low-cost stock index funds and generally can't be withdrawn until the child turns 18; after that, regular IRA rules apply.
Want us to help you file Form 4547 as part of your tax appointment? Book with us or give us a call.