Trump Accounts: Eligibility and Step-by-Step Setup Guide

Children running into a home while parents follow behind.

Trump Accounts are a new type of tax-advantaged savings account for children. They are designed to help families begin long-term investing early, with eligible accounts invested in broad U.S. stock index funds or similar low-cost funds.

Who Is Eligible?

A Trump Account may be opened for a child who:

  • Has not turned age 18 before the end of the calendar year in which the account election is made

  • Has a valid Social Security number

  • Has a parent, guardian, or other authorized individual who can establish the account

Who Qualifies for the $1,000 Federal Contribution?

The one-time $1,000 federal pilot contribution is available for eligible U.S. citizen children born between January 1, 2025, and December 31, 2028.

Children outside that birth-date window may still be eligible to have a Trump Account opened, but they generally will not qualify for the federal $1,000 pilot contribution.

Step-by-Step Guide to Setting Up a Trump Account

Step 1: Confirm the child’s eligibility
Verify the child’s age, Social Security number, and whether the child falls within the birth-date window for the federal pilot contribution.

Step 2: Gather required information
You will typically need the child’s Social Security number, the parent or guardian’s identifying information, and any tax-related information requested during the filing process.

Step 3: Complete IRS Form 4547
IRS Form 4547 is used to elect to open an initial Trump Account and, when applicable, request the one-time $1,000 federal pilot contribution.

Step 4: Submit the form or complete the online process
Families should follow IRS instructions and use official resources such as IRS.gov or TrumpAccounts.gov. The IRS has indicated that additional online election options may be available through TrumpAccounts.gov.

Step 5: Activate and fund the account
Once the account is established, families may make contributions subject to annual limits. Investment options are currently limited to low-cost mutual funds or ETFs that track broad U.S. equity indexes.

Contribution Limits

Trump Accounts have an annual contribution cap that may be adjusted for inflation. Families should review the latest IRS guidance before contributing, as limits and procedures may change.

Important Considerations

Trump Accounts may be one tool for helping a child build long-term savings, but they are not a substitute for personalized financial, tax, or legal advice. Families should consider how a Trump Account compares with other savings options, such as 529 plans, custodial accounts, and retirement savings strategies.

Before opening or funding an account, consult a qualified tax professional or financial professional to understand how the rules apply to your situation.

Official Resources

For the most current information, visit IRS.gov and TrumpAccounts.gov.