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Trump Accounts open for contributions on July 4, 2026. Children born between January 1, 2025 and December 31, 2028 qualify for a free $1,000 deposit from the U.S. Treasury. Here is exactly how to open one, claim the $1,000, and start contributing.
Before You Start: What You Need
- Your child’s Social Security number (SSN)
- Your own Social Security number
- A completed (or in-progress) federal income tax return for 2025, or access to file an amendment
- About 15 minutes
Your child does not need to have been born after 2024 to open a Trump Account. Any U.S. citizen under 18 with a Social Security number can have one opened. Only the $1,000 government seed is restricted to children born between 2025 and 2028.
Step 1: File IRS Form 4547 to Claim the $1,000
If your child was born between January 1, 2025 and December 31, 2028, the first step is filing IRS Form 4547 to elect the government seed contribution.
You can do this one of two ways:
Option A: File with your 2025 tax return. Include Form 4547 when you file your federal taxes. If you already filed your 2025 return without it, you can file an amended return (Form 1040-X) to add it.
Option B: Use the online portal starting mid-2026. The government is opening an online election tool at trumpaccounts.gov for families who prefer to handle it digitally.
The $1,000 does not count toward the annual $5,000 contribution limit. It is a government contribution under the pilot program, so it requires no out-of-pocket money from you.
Step 2: Open the Account
Starting July 4, 2026, you can open a Trump Account through two channels:
Option A: The official government account at trumpaccounts.gov. The U.S. Treasury, administered through BNY Mellon, will offer direct government accounts. The Robinhood-powered BNY Mellon app will handle the customer-facing experience.
Option B: An authorized private custodian. Major financial institutions including Fidelity, Vanguard, and Charles Schwab are expected to offer Trump Accounts as custodians once the Treasury finalizes rollover and private custodian rules.
To open the account, you will need your child’s full legal name, date of birth, and Social Security number, plus your own information as the custodian. There is a limit of one Trump Account per child.
Step 3: Choose Your Index Fund
All Trump Account investments must meet four requirements during the child’s growth period:
- Tracks a broad U.S. equity index
- At least 90% of holdings are in U.S. companies
- Annual expense ratio at or below 0.10%
- No leverage
| Fund | Type | Expense Ratio | Qualifies |
|---|---|---|---|
| Fidelity ZERO Large Cap Index (FNILX) | Mutual Fund | 0.00% | Yes |
| Vanguard S&P 500 ETF (VOO) | ETF | 0.03% | Yes |
| iShares Core S&P 500 ETF (IVV) | ETF | 0.03% | Yes |
| Vanguard Total Stock Market ETF (VTI) | ETF | 0.03% | Yes |
| Fidelity 500 Index Fund (FXAIX) | Mutual Fund | 0.015% | Yes |
| Schwab S&P 500 Index Fund (SWPPX) | Mutual Fund | 0.02% | Yes |
See the full breakdown of qualifying index funds with pros and cons for each custodian.
Step 4: Make Your First Contribution (Optional)
The $1,000 government seed is automatic once you file Form 4547 and open the account. You do not need to add any money yourself. If you want to contribute more, the rules are:
- Annual contribution limit: $5,000 per child, combined from all sources
- Employer contributions: up to $2,500 per year, counts toward the $5,000 cap but is tax-free income to you
- Contributions are not tax-deductible at the federal level
See how $1,000 grows over 18 years at different contribution levels:
Compound Interest Calculator
Step 5: What Happens at Age 18
On December 31 of the year before your child turns 18, the account automatically converts to a standard traditional IRA and the child takes full, unrestricted control. At that point:
- The child can keep the money invested as a retirement account
- The child can convert it to a Roth IRA (often a good move if they are in a low tax bracket at 18)
- The child can withdraw, subject to standard IRA taxes and potential 10% early withdrawal penalty if under 59.5
There is no mechanism for parents to restrict what the 18-year-old does with the account. Plan accordingly.
Key Dates
- July 4, 2025: One Big Beautiful Bill Act signed, creating Section 530A Trump Accounts
- 2025 tax year: IRS Form 4547 available to elect the $1,000 government seed
- Mid-2026: Online portal at trumpaccounts.gov opens
- July 4, 2026: Trump Accounts officially open for contributions
Who Should Not Rush to Open One
If your child does not qualify for the $1,000 seed (born before 2025 or after 2028), a 529 plan is often more tax-efficient for families focused on college savings. If your child has earned income, a custodial Roth IRA provides better long-term tax results.
Sources: IRS Form 4547; IRS Notice 2025-68; One Big Beautiful Bill Act (P.L. 119-21); trumpaccounts.gov. This article is for informational purposes only and does not constitute financial or tax advice.
