A mobile app for Trump Accounts launched on May 28.
Trump Accounts function as IRA accounts for kids, and the government is seeding $1,000 to the accounts for kids born between 2025 and 2028.
“By putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation,” Treasury Secretary Scott Bessent said in a press release.
The app currently has financial literacy modules, the Treasury Department said, and will have more capabilities when the accounts themselves are launched this summer.
While millions have signed up, and the app is live, the accounts have not officially launched yet. When will they be accessible?
When Do Trump Accounts Become Available?
Trump Accounts launch on July 4, 2026, Bessent said at a Cabinet meeting on May 27. Contributions cannot be made before that date.
How Do You Open a Trump Account?
Parents can file IRS Form 4547 online at trumpaccounts.gov. The form will ask for dates of birth, Social Security numbers and contact information.
After submission, the IRS will establish the Trump Account. Account holders will be contacted when it is time to activate the account. The latest guidance from the Treasury Department states that the department will start contacting people via email on May 28.
When Will the $1,000 Land in Your Trump Account?
The seed money will land in your Trump Account sometime on or after July 4, according to the Treasury press release.
Who Actually Owns a Trump Account?
The Trump Account is owned by the child but administered by an adult until the child turns 18, according to Fidelity Investments.
Who Qualifies for a Trump Account?
All U.S. citizens born between 2025 and 2028 qualify for Trump Accounts. You must have a Social Security number.
American children born before 2025 who are under 18 will also be eligible for Trump Accounts, with all the same features, but with no $1,000 seed money from the federal government.
Only one Trump Account may be opened per child.
When Can You Withdraw the Funds?
IRS rules say you can take distributions from a Trump Account on Jan. 1 of the year you turn 18. Withdrawals before that are highly restricted, according to Fidelity.
But that guidance may change to allow withdrawals only after the child’s 18th birthday, said Rita Assaf, vice president of retirement offerings at Fidelity. The reason: A kid who hasn’t turned 18 doesn’t have the same legal rights as an adult.
From that point, Trump Accounts could work much like Individual Retirement Accounts. IRA rules generally penalize withdrawals before age 59½, with exceptions that include a qualified first-time home purchase, higher education and medical expenses. After age 59½, you can withdraw IRA funds without penalty.
Who Can Contribute to a Trump Account?
Contributions can come from individuals, employers, governments, philanthropists and charities: pretty much anyone.
How Much Can Be Contributed to a Trump Account?
Contributions max out at $5,000 a year. But the one-time government “seed” contribution doesn’t count toward the annual limit, nor do contributions from governments and charities.
An employer may contribute up to $2,500 per year per employee, money that may be split among multiple children. Employees can divert pre-tax pay into a Trump Account. Those contributions count toward the $5,000 annual limit.
The annual limits are indexed to inflation and will rise over time.
