Trump Accounts
Trump Accounts give the next generation a jump start on saving.
The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child 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 account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
To get started:
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Enroll your child by making an election on the new IRS Form 4547.
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You will be notified when it’s time to activate the account this summer.
- Sit back and watch the money grow. Contribute anytime (or not).