My child was born in 2024. Can they get a Trump Account?

Yes, a child born before 2025 can have a Trump Account opened for them, but they are not eligible for the $1,000 federal seed deposit. The seed is limited to U.S. citizen children born between January 1, 2025 and December 31, 2028. The account itself, and the $5,000 annual individual contribution limit, are available for any child under age 18 with a valid Social Security number.

What if my child's Social Security number comes through after the tax-filing deadline?

The seed deposit election on Form 4547 requires the child to have a valid SSN at the time of filing. If the SSN arrives late, you may need to file an amended return or a standalone Form 4547. The key deadline is December 31 of the year your child turns 17. The election must be made before then. Contact us as soon as the SSN is issued and we will advise on the fastest path.

Married filing separately: who claims the seed deposit?

Form 4547 is filed by the parent or legal guardian who claims the child as a qualifying dependent on their federal tax return. If you are married filing separately and both parents claim the child in different years, the parent who claimed the child in the election year files Form 4547 for that year. Only one seed deposit is issued per child.

Can grandparents contribute? Does it count toward the $5,000 annual limit?

Grandparents and other family members can contribute to a Trump Account, but their contributions are treated as 'other contributions' under the OBBBA rules. They create taxable basis in the account, unlike federal or employer contributions. All individual contributors (parents, grandparents, friends) share one combined $5,000 annual limit per child. Amounts above $5,000 per year are excess contributions subject to a 6% excise tax.

What if the child has multiple guardians?

Only one account can be opened per child, and only one Form 4547 election is recognized. If multiple guardians or parents file competing elections, the IRS applies a priority order: the parent who claims the child as a dependent has first priority. If that parent does not file, an adult sibling or grandparent may elect. We advise on coordination across guardians to avoid duplicate filings.

What's the difference between a Trump Account, a 529, and a UTMA?

A Trump Account (§530A) is a custodial investment account that converts to traditional-IRA rules at age 18. At that point, withdrawals are taxed as ordinary income and the account can be used for any purpose subject to IRA rules. A 529 plan is specifically for qualified education expenses and offers state-level tax deductions in many states. A UTMA (Uniform Transfers to Minors Act) account becomes the child's property outright at the age of majority with no restrictions on use and no special tax treatment. The $1,000 federal seed deposit is unique to Trump Accounts.

Can the $1,000 seed grow tax-deferred?

Yes. Investment earnings inside a Trump Account are not taxed annually. They grow tax-deferred until withdrawal, similar to a traditional IRA. When distributions are taken after age 18, they are taxed as ordinary income. Before age 18, distributions are prohibited except for death, excess contributions, or qualified rollovers (per the OBBBA, per TurboTax's overview).

What investment will the account hold by default?

During the growth period (before age 18), Trump Account funds must be invested in a broad U.S. equity index fund. The investment must track the total U.S. stock market or a comparable index, carry no leverage, and have annual fees and expenses below 0.1%. Bank of New York Mellon is the designated financial agent and Robinhood is the initial brokerage/trustee. After age 18, the account converts to traditional-IRA investment rules, allowing a broader range of investments.

Can I roll over a 529 into a Trump Account?

No. The OBBBA does not authorize 529-to-Trump Account rollovers, and no IRS guidance permits them as of mid-2026. The only Trump Account rollovers currently allowed are Trump Account to Trump Account (full balance, same beneficiary, trustee-to-trustee) and Trump Account to ABLE Account in the calendar year the child turns 17. SECURE 2.0's 529-to-Roth IRA pathway does not extend to Trump Accounts. If IRS issues new rollover guidance, we will update this answer.

What if a Trump Account servicer adds fees above the 0.1% cap?

The OBBBA requires that the account's annual fees and expenses remain below 0.1% during the growth period. If a servicer charges above this threshold, the account would not comply with §530A requirements. We monitor regulatory guidance and will advise clients if servicer fee structures change. IRS is expected to issue additional guidance on servicer compliance before July 4, 2026.

What happens if my child becomes a U.S. citizen after birth?

The seed deposit eligibility requires the child to be a U.S. citizen at the time of the election, with a valid SSN valid for employment. Children who acquire citizenship after birth may be eligible once citizenship is confirmed and an SSN is issued. The relevant filing period and election deadline still apply. Contact us as soon as citizenship and SSN are confirmed.

Are contributions from a non-resident parent allowed?

There is no public IRS or Treasury guidance on non-resident-alien contributors as of mid-2026. The child must be a U.S. citizen with a valid SSN to qualify for the account and the seed deposit, but the contributor's residency status is not addressed in the statute or current proposed regulations. We recommend a CPA consultation before a non-resident-alien parent makes a direct contribution, since some contributions may have gift-tax or reporting implications. We will update this answer when IRS guidance is issued.

How does my child get the $1,000 Trump Account seed deposit?

Three things must happen: (1) your child must be a U.S. citizen born between January 1, 2025 and December 31, 2028 with a valid Social Security Number; (2) you (the parent claiming the child as a dependent) must file Form 4547 — either e-filed with your federal return, mailed to the IRS, or submitted at trumpaccounts.gov; and (3) the filing must be processed before the deposit window. Once Form 4547 is accepted, the federal government deposits $1,000 directly into the child's Trump Account starting July 4, 2026 (held at the designated brokerage — Robinhood as initial trustee, with Bank of New York Mellon as financial agent).

Who's eligible for a Trump Account in 2026?

Any U.S. citizen child under age 18 with a valid Social Security Number can have a Trump Account opened for them — there is no income test on the parents. The $1,000 federal seed deposit, however, is limited to children born between January 1, 2025 and December 31, 2028. Older children can have an account funded with the $5,000 annual individual contribution cap, they just do not get the federal seed.

When do Trump Accounts open and how do I file Form 4547?

Accounts open July 4, 2026 — they cannot be funded before that date. Form 4547 (Trump Account Election) has three filing channels: e-file with your federal return (fastest, integrated into TaxAct and TurboTax), paper Form 4547 mailed to the IRS, or direct online submission at trumpaccounts.gov. The election must be made by December 31 of the year your child turns 17. We e-file Form 4547 alongside the federal return so the seed deposit lands on day one.

My child was born in 2024. Can they get a Trump Account?

Yes, a child born before 2025 can have a Trump Account opened for them, but they are not eligible for the $1,000 federal seed deposit. The seed is limited to U.S. citizen children born between January 1, 2025 and December 31, 2028. The account itself, and the $5,000 annual individual contribution limit, are available for any child under age 18 with a valid Social Security number.

What if my child's Social Security number comes through after the tax-filing deadline?

The seed deposit election on Form 4547 requires the child to have a valid SSN at the time of filing. If the SSN arrives late, you may need to file an amended return or a standalone Form 4547. The key deadline is December 31 of the year your child turns 17. The election must be made before then. Contact us as soon as the SSN is issued and we will advise on the fastest path.

Married filing separately: who claims the seed deposit?

Form 4547 is filed by the parent or legal guardian who claims the child as a qualifying dependent on their federal tax return. If you are married filing separately and both parents claim the child in different years, the parent who claimed the child in the election year files Form 4547 for that year. Only one seed deposit is issued per child.

Can grandparents contribute? Does it count toward the $5,000 annual limit?

Grandparents and other family members can contribute to a Trump Account, but their contributions are treated as 'other contributions' under the OBBBA rules. They create taxable basis in the account, unlike federal or employer contributions. All individual contributors (parents, grandparents, friends) share one combined $5,000 annual limit per child. Amounts above $5,000 per year are excess contributions subject to a 6% excise tax.

What if the child has multiple guardians?

Only one account can be opened per child, and only one Form 4547 election is recognized. If multiple guardians or parents file competing elections, the IRS applies a priority order: the parent who claims the child as a dependent has first priority. If that parent does not file, an adult sibling or grandparent may elect. We advise on coordination across guardians to avoid duplicate filings.

What's the difference between a Trump Account, a 529, and a UTMA?

A Trump Account (§530A) is a custodial investment account that converts to traditional-IRA rules at age 18. At that point, withdrawals are taxed as ordinary income and the account can be used for any purpose subject to IRA rules. A 529 plan is specifically for qualified education expenses and offers state-level tax deductions in many states. A UTMA (Uniform Transfers to Minors Act) account becomes the child's property outright at the age of majority with no restrictions on use and no special tax treatment. The $1,000 federal seed deposit is unique to Trump Accounts.

Can the $1,000 seed grow tax-deferred?

Yes. Investment earnings inside a Trump Account are not taxed annually. They grow tax-deferred until withdrawal, similar to a traditional IRA. When distributions are taken after age 18, they are taxed as ordinary income. Before age 18, distributions are prohibited except for death, excess contributions, or qualified rollovers (per the OBBBA, per TurboTax's overview).

What investment will the account hold by default?

During the growth period (before age 18), Trump Account funds must be invested in a broad U.S. equity index fund. The investment must track the total U.S. stock market or a comparable index, carry no leverage, and have annual fees and expenses below 0.1%. Bank of New York Mellon is the designated financial agent and Robinhood is the initial brokerage/trustee. After age 18, the account converts to traditional-IRA investment rules, allowing a broader range of investments.

Can I roll over a 529 into a Trump Account?

No. The OBBBA does not authorize 529-to-Trump Account rollovers, and no IRS guidance permits them as of mid-2026. The only Trump Account rollovers currently allowed are Trump Account to Trump Account (full balance, same beneficiary, trustee-to-trustee) and Trump Account to ABLE Account in the calendar year the child turns 17. SECURE 2.0's 529-to-Roth IRA pathway does not extend to Trump Accounts. If IRS issues new rollover guidance, we will update this answer.

What if a Trump Account servicer adds fees above the 0.1% cap?

The OBBBA requires that the account's annual fees and expenses remain below 0.1% during the growth period. If a servicer charges above this threshold, the account would not comply with §530A requirements. We monitor regulatory guidance and will advise clients if servicer fee structures change. IRS is expected to issue additional guidance on servicer compliance before July 4, 2026.

What happens if my child becomes a U.S. citizen after birth?

The seed deposit eligibility requires the child to be a U.S. citizen at the time of the election, with a valid SSN valid for employment. Children who acquire citizenship after birth may be eligible once citizenship is confirmed and an SSN is issued. The relevant filing period and election deadline still apply. Contact us as soon as citizenship and SSN are confirmed.

Are contributions from a non-resident parent allowed?

There is no public IRS or Treasury guidance on non-resident-alien contributors as of mid-2026. The child must be a U.S. citizen with a valid SSN to qualify for the account and the seed deposit, but the contributor's residency status is not addressed in the statute or current proposed regulations. We recommend a CPA consultation before a non-resident-alien parent makes a direct contribution, since some contributions may have gift-tax or reporting implications. We will update this answer when IRS guidance is issued.

How does my child get the $1,000 Trump Account seed deposit?

Three things must happen: (1) your child must be a U.S. citizen born between January 1, 2025 and December 31, 2028 with a valid Social Security Number; (2) you (the parent claiming the child as a dependent) must file Form 4547 — either e-filed with your federal return, mailed to the IRS, or submitted at trumpaccounts.gov; and (3) the filing must be processed before the deposit window. Once Form 4547 is accepted, the federal government deposits $1,000 directly into the child's Trump Account starting July 4, 2026 (held at the designated brokerage — Robinhood as initial trustee, with Bank of New York Mellon as financial agent).

Who's eligible for a Trump Account in 2026?

Any U.S. citizen child under age 18 with a valid Social Security Number can have a Trump Account opened for them — there is no income test on the parents. The $1,000 federal seed deposit, however, is limited to children born between January 1, 2025 and December 31, 2028. Older children can have an account funded with the $5,000 annual individual contribution cap, they just do not get the federal seed.

When do Trump Accounts open and how do I file Form 4547?

Accounts open July 4, 2026 — they cannot be funded before that date. Form 4547 (Trump Account Election) has three filing channels: e-file with your federal return (fastest, integrated into TaxAct and TurboTax), paper Form 4547 mailed to the IRS, or direct online submission at trumpaccounts.gov. The election must be made by December 31 of the year your child turns 17. We e-file Form 4547 alongside the federal return so the seed deposit lands on day one.

New federal benefit. Opens July 4, 2026

Open your child's Trump Account on day one

We file Form 4547 with your tax return so the $1,000 seed deposit lands July 4, 2026.

$1,000

Federal seed deposit

One per eligible child

$5,000

Annual contribution cap

Parents and family

July 4

Accounts launch

Mark your calendar

Opens in—

Get notified when filing opens

Quick check

Find out if your child qualifies for the $1,000 seed

Trump Account eligibility check

Question 1 of 3

When was your child born?

Overview

What is a Trump Account?

A Trump Account is a §530A custodial investment account: a tax-advantaged account in your child's name that holds U.S. equity index investments until they turn 18, then converts to traditional-IRA rules.

Congress created Trump Accounts in the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025. They are modeled loosely on traditional IRAs but designed for children from birth through age 17.

During the growth period (from account opening through age 18), the account must be invested in a broad U.S. equity index fund with no leverage and annual expenses below 0.1%. Investment earnings are not taxed annually; they grow tax-deferred. Withdrawals are prohibited before age 18 except in narrow circumstances (death, excess contributions, qualified rollovers).

At age 18, the account converts to traditional-IRA rules (per TurboTax and Chase). Withdrawals are taxed as ordinary income, and a 10% early-withdrawal penalty applies before age 59.5 unless a qualified exception applies, including first home purchase, qualified education expenses, death, and others. The election to open an account must be made by December 31 of the year the child turns 17.

Key dates

Important dates

Key milestones for the Trump Account program through 2028.

July 4, 2025
Trump Accounts signed into law
The One Big Beautiful Bill Act was signed by the president, creating the §530A Trump Account program.
December 2025
Treasury proposed regulations
Treasury issued the first proposed regulations covering account setup, investment requirements, and the seed-deposit pilot.
May 2026
Final IRS guidance + Form 4547 release
Form 4547 (Trump Account Election) becomes available. Tax software begins integrating the form.
July 4, 2026
Accounts open. $1,000 seed deposits begin
Filers can submit Form 4547 starting this date. Robinhood is the initial brokerage with Bank of New York Mellon as financial agent. Seed deposits begin landing for eligible children.
December 31, 2027
Inflation-indexing review
Annual contribution limits ($5,000 individual / $2,500 employer) are reviewed for inflation indexing starting in 2028.

Filing guide

How to open a Trump Account

File Form 4547 (Trump Account Election) to open the account. Three filing channels are available as of mid-2026. Accounts cannot be funded before July 4, 2026.

E-file with your federal return

The fastest option. Form 4547 is integrated into TaxAct and TurboTax. We prepare and e-file it alongside your federal income tax return. The election is processed as part of the return.

Paper Form 4547 to the IRS

A standalone paper Form 4547 may be mailed to the IRS separately from your tax return. We recommend certified mail with tracking for any paper submission to establish proof of timely filing.

Online at trumpaccounts.gov

The IRS has established a dedicated portal at trumpaccounts.gov for direct online elections. This channel is expected to be available starting July 4, 2026.

Initial servicers: Robinhood (brokerage) + Bank of New York Mellon (financial agent)

The OBBBA + Treasury press release designated Bank of New York Mellon (BNY) as the financial agent and Robinhood as the initial trustee/brokerage for Trump Accounts. BNY will hold the custodial assets and manage the account during the growth period. IRS is expected to issue further guidance on servicer compliance, fee structures, and index fund options before the July 4, 2026 launch date.

Account rules

Investment & withdrawal rules

Annual contribution$5,000/year

$0Up to $7,500/yr per child (OBBBA cap: $5k individual + $2.5k employer)

$1,000

Federal seed deposit

$90,000

Total contributed over 18 years

$82,375

Investment growth

Total at age 18 (per child)

$173,375

During growth (before age 18)

Must be invested in a broad U.S. equity index fund that tracks the total U.S. stock market or a comparable benchmark.
Annual fees and expenses must remain below 0.1%. No leverage is permitted.
Investment earnings grow tax-deferred, with no annual tax on dividends or capital gains inside the account.
Distributions are prohibited except in three cases: death of the account holder, removal of excess contributions, or a qualified rollover to another Trump Account or ABLE account.

After age 18, traditional-IRA rules apply

Standard traditional-IRA investment rules apply. A broader range of investments becomes available.
Withdrawals are taxed as ordinary income. A 10% early-withdrawal penalty applies before age 59.5.
Qualified exceptions to the penalty include first home purchase (up to applicable limits), qualified education expenses, and death of the account holder.
Contributions that created taxable basis (individual gifts) are returned tax-free at withdrawal; only the growth portion is taxable (per Chase).

Our role

Why work with Precision Tax Partners?

We handle Form 4547, advise on contribution strategy, and keep you current as IRS issues guidance through 2026.

We file Form 4547 with your return

We prepare Form 4547 and e-file it alongside your federal tax return. No separate submission, no missed coordination. The election and the seed deposit happen in one step.

We coordinate with your employer's $2,500 contribution

If your employer offers Trump Account contributions as a benefit, we verify the $2,500 annual limit is applied correctly, confirm the tax exclusion on your W-2, and document the coordination.

We advise on contribution timing and rollovers

We advise on when to contribute, how to sequence private versus employer contributions within the annual limits, and how rollover elections between Trump Accounts are handled correctly.

For benefits teams

Offer Trump Accounts as an employee benefit

Employers can contribute up to $2,500 per employee per year to a Trump Account for the employee or their qualifying child. Contributions are deductible to the employer and excluded from the employee's income, indexed for inflation after 2027. We coordinate with your benefits team to integrate Form 4547 elections into your annual enrollment workflow.

What's included

Annual employee enrollment guidance
Form 4547 batch filing for your participating employees
Year-end contribution reporting (Form W-2 box 12 coordination)
HR-team training session (one per year)
Quarterly compliance check-ins

Talk to our employer-benefits team

Recent news & updates

REGULATION

December 2025

Treasury releases first proposed regulations for Trump Accounts

The IRS published proposed rules governing account setup, investment requirements, and the pilot-program seed contribution.

Source: Treasury & IRS

PRIVATE FUNDING

December 2, 2025

Dell Foundation commits $6.25 billion to seed accounts for 25 million children

Michael and Susan Dell announced a $6.25B donation to fund $250 contributions for children under 11 in low-income ZIP codes.

Source: CNN Business · CNBC

ENROLLMENT

2026

4 million+ children pre-elected ahead of July 4 launch

More than four million children are already signed up for Trump Accounts, with over one million elections submitted for the seed contribution.

Source: TrumpAccounts.gov

Questions

Frequently asked questions