Scott Bessent releases President Trump’s official account website
The Treasury Department released the Trump Account website and the IRS noted that parents will need to file a new Form 4547.
President Donald Trump welcomed the arrival of the Trump Account during a ceremony in the Oval Office on July 6, vowing to make millions of American babies “very rich.”
The federal savings program launched on July 4, with families of 6 million American children claiming accounts. These children include 1.4 million newborns who received $1,000 in seed money from the government.
At the heart of the Trump Account initiative is the federal government’s commitment to put $1,000 into a savings account for every child born between 2025 and 2028, known as a children’s IRA. The program is open to children under 18, but there is no seed money. Trump says 6 million children currently have Trump accounts.
Today, American children “come into this world with virtually no money and become quite wealthy at a very young age,” President Trump said. “And that’s what we’ve wanted this country to do for 25 years.”
To ring the federal savings program, President Trump rang the opening bells of the New York Stock Exchange and Nasdaq. The president said it was the first time the two markets would open together, and the first time the bell would be rung in the Oval Office.
The president’s inner circle includes Michael Dell and Susan Dell, who have pledged $6.25 billion to the initiative. Other wealthy donors and corporations followed suit. In a quirky and ethically ambiguous gesture of gratitude, Trump urged his audience to buy Dell computers.
“A combination of private donations and seed funds will invest $800 million in new funds into the stock market this week to benefit America’s children,” President Trump said.
Treasury Secretary Scott Bessent said 86% of President Trump’s accounts belong to children with household incomes of less than $200,000. This data point suggests the Trump account is not primarily aimed at the ultra-wealthy, answering criticism by some economists.
Here, we’ll explain everything you need to know about the Trump Account, starting with how to get one.
When will Trump Account be available?
The Trump account was opened on July 4, 2026. This account is currently accepting donations.
How do I open a Trump account?
Parents or legal guardians have at least two options for opening an account. The newest and easiest method is to file IRS Form 4547 online at trumpaccounts.gov. This form asks for your date of birth, social security number, and contact information.
You can also file Form 4547 with your tax return.
After filing, the IRS will establish a Trump account. The official website states that “the partner financial company where your Trump account is held will contact you shortly to provide further instructions on how to complete the setup.”
The process began in May, according to the guidance document.
In April, the Treasury Department announced that Bank of New York Mellon Corporation would be the financial agent for the Trump account. The bank will partner with Robinhood to act as the account’s custodian and develop the Trump Account app.
How many people have claimed Trump’s account?
Roughly 6 million children are enrolled in Trump accounts, including 1.4 million infants eligible for $1,000 in federal seed money.
When will $1,000 be deposited into your Trump account?
The seed money will be deposited into Trump’s account after July 4 and “as soon as practicable” after the account is verified, according to a Treasury Department guidance document. President Trump, in a speech on July 6, suggested that at least some of the money had already been deposited.
Who actually owns the Trump account?
Trump accounts are owned by children but managed by adults until the child turns 18, according to Fidelity Investments.
Who is eligible for a Trump account?
All US citizens born between 2025 and 2028 are eligible to obtain a Trump Account. Must have a social security number.
U.S. children under the age of 18 born before 2025 will also be eligible for a Trump Account, which will have all the same features but will not receive the $1,000 seed money from the federal government.
Only one Trump Account may be opened per child.
When can I withdraw my funds?
In this regard, the facts remain unclear.
According to IRS rules, you can begin receiving distributions from your Trump account starting January 1 of the year you turn 18.
But Rita Assaf, vice president of retirement recruiting at Fidelity, said the guidelines could change to only allow withdrawals after a child’s 18th birthday. Reason: Children under the age of 18 do not have the same legal rights as adults.
From that point on, the Trump Account will function like an individual retirement account. IRA rules generally include penalties for withdrawals before age 59 1/2, with some qualifying exceptions such as first-time home purchases, higher education, and medical expenses. After age 59 1/2, you can withdraw IRA funds without penalty.
How can I invest money in a Trump account?
Trump accounts come with unusual restrictions. Funds can only be invested in low-cost index funds. They are either mutual funds or ETFs that track an index of “primarily” U.S. stocks. According to IRS guidance, at least 90% of the funds must be invested in U.S. companies. The Fund may not charge an expense ratio of more than 0.1%. The expense ratio is basically an administrative fee.
J. Spencer Williams, founder and CEO of financial technology company Retirement Clearinghouse, said this is a unique rule with an overarching theme of “Investing in America.”
Once a child turns 18, the rules change and the Trump account becomes a “regular IRA,” Williams said. Account holders then have more freedom to choose how their funds are invested.
Who will manage Trump’s account?
The US Treasury will create and manage the Trump account, with BNY and Robinhood serving as custodians.
Eventually, families will be allowed to move their accounts to outside financial providers. It’s probably the same company that already manages your 401(k) and IRA accounts.
Who can contribute to a Trump account?
Donations can come from almost anyone: individuals, employers, governments, philanthropists, and charities.
How much can I donate to my Trump account?
The contribution limit is $5,000 per year. However, one-time “seed” contributions from governments do not count toward the annual limit, nor do contributions from governments or charities.
Employers can contribute up to $2,500 per employee per year, which can be split among multiple children. Employees can transfer their pre-tax paychecks to Trump accounts. These contributions count toward the $5,000 annual limit.
The annual limit is indexed to inflation and increases over time.
How are Trump Accounts Taxed?
Individual contributions to the Trump account typically come from after-tax dollars. If these funds are withdrawn, only the gains will be taxed, Vanguard advises.
Contributions from other sources, such as employers, employees, charities, and the government, are pre-tax, so the full amount withdrawn is taxed.
With so many potential contributors and different tax rules and variable contribution limits, Trump account holders may have a hard time keeping track of them.
“It’s unclear what happens when your grandfather puts in money and your employer puts in money,” Williams said. “It’s unclear how all this will resolve itself over time.”
Who announced the Trump Account Matching Fund?
Philanthropists Michael and Susan Dell have pledged $6.25 billion, which will include $250 each for the first 25 million Trump account applicants under the age of 10 born before 2025 in ZIP codes with a median income of less than $150,000.
Dell’s pledge expands the reach of the Trump account, and “it’s not for newborns,” Fidelity’s Assaf said.
Philanthropists Ray and Barbara Dalio pledged to donate $250 to 300,000 children in Connecticut. Hedge fund manager Brad Gerstner announced a similar pledge in Indiana as part of the federal government’s 50-State Challenge to mobilize philanthropy across the country.
JPMorgan Chase, Charles Schwab, BlackRock, Visa, Intel, Bank of America and many other companies have pledged to donate to Trump accounts for the children of their employees.
