The mobile app for Trump Account was released on May 28th.
The Trump account functions as an IRA account for children, with the government seeding the accounts of children born between 2025 and 2028 with $1,000.
“By giving parents and young Americans easy access directly to their Trump Accounts, we are helping ensure young Americans can participate in this new era of economic participation,” Treasury Secretary Scott Bessent said in a press release.
The app currently includes a financial literacy module and will have more features when the account itself launches this summer, according to the Treasury Department.
Millions of users have signed up and the app is live, but their accounts have not yet been officially opened. When will I have access?
When will Trump Account be available?
Bessent said at a May 27 Cabinet meeting that the Trump account would launch on July 4, 2026. Donations may not be made before that date.
How do I open a Trump account?
Parents can file IRS Form 4547 online at trumpaccounts.gov. This form asks for your date of birth, social security number, and contact information.
After filing, the IRS will establish a Trump account. Account owners will be contacted when it is time to activate their account. According to the latest guidance from the Treasury Department, the department will begin communicating by email from May 28th.
When will $1,000 be deposited into your Trump account?
The seed money will be deposited into Trump’s account after July 4, according to a press release from the Treasury Department.
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.
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Who is eligible for a Trump account?
All U.S. citizens born between 2025 and 2028 are eligible to receive a $1,000 stipend and get 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?
IRS rules state that Trump can begin receiving distributions from his account on January 1 of the year he turns 18. Fidelity says withdrawals before then are severely restricted.
However, that guidance could change to only allow withdrawals after the child turns 18.th said Rita Assaf, Fidelity’s vice president of retirement promotions. Reason: Children under the age of 18 do not have the same legal rights as adults.
From that point of view, a Trump account could function similarly to 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.
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.
(This article has been updated to clarify Trump account eligibility.)
Kinsey Crowley is a Trump Connect reporter for the USA TODAY Network. Please contact KCrowley@usatodayco.com. follow her X (Twitter), thread, blue sky and TikTok.
