4 Million Children Signed Up for Trump Accounts: IRS
According to Internal Revenue Service data released today, taxpayers have signed up more than 4 million children for tax-favored Trump Accounts—and more than 1 million children are covered by elections for the $1,000 Trump Accounts pilot program contribution.
“The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return,” said IRS Chief Executive Officer Frank J. Bisignano. “Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It’s that simple.”
IRS data on Trump Accounts and the pilot program elections are based solely on how many Form 4547, Trump Account Election(s) have been submitted with individual tax returns to the IRS to date.
The Trump Accounts and the Trump Account contribution pilot program were established under the One, Big, Beautiful Bill, enacted on July 4, 2025. The eligibility requirements for the Trump Accounts and the pilot program are as follows:
- The tax-advantaged Trump Accounts allow parents, guardians and other authorized individuals to request establishment of a new type of individual retirement account for an eligible minor, who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
- The Trump Accounts pilot program offers a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
“Trump Accounts are the ultimate merger of Main Street and Wall Street. They represent perhaps the most groundbreaking policy innovation of modern times,” said Treasury Secretary Scott Bessent in remarks to the Long Island Business Roundtable on Monday. “It is literally the first direct provision for younger generations since the GI bill. And they are shaped by a simple vision: ‘Every American a shareholder.’”
Parents or other individuals who qualify to make the election can use IRS Form 4547, Trump Account Election(s) to request establishment of a Trump Account and to enroll in the pilot program with their tax year 2025 return.
Upon filing Form 4547, families will be contacted by a “trustee” with further details to complete the account setup, according to TrumpAccounts.gov. The authentication process is expected to begin in May.
Optional contributions to Trump Accounts can be made starting July 4, 2026. All eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations and individuals, subject to an annual limit.
According to illustrations on the TrumpAccounts.gov website, at age 18 a Trump Account opening with the $1,000 contribution at birth could be worth $6,000 with no additional contributions; worth $19,000 contributing $250 per year; or $271,000 million contributing the maximum $5,000 per year.
At age 55 a Trump Account opening with the $1,000 contribution at birth could be worth $243,000 with no additional contributions; worth $878,000 contributing $250 per year; or $13 million contributing $5,000 per year.
SEE ALSO:
• Trump Accounts Take Shape with New Treasury, IRS Guidance
• Few Employers Consider Offering Trump Accounts
• Trump Accounts Not Subject to ERISA: Industry Wants Certainty
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.