Trump Accounts are a new type of savings account for children with a contribution start date of July 4, 2026. Here’s an overview of the key details families should understand about how these accounts work and who qualifies.
While elections to establish a Trump Account may be made before July 4, 2026, contributions generally cannot begin until that date. This applies to both ordinary contributions and the $1,000 federal pilot program contribution. The pilot contribution is made only after a valid election is processed and the child’s Trump Account has been opened.
Who Is Eligible for a Trump Account?
A child may be eligible for a Trump Account if they meet the definition of an “eligible individual” under IRC §530A(b)(2). In practical terms, the child generally must:
- be under age 18 at the end of the calendar year in which the election is made;
- have a Social Security number issued before the election date;
- have an election made either by the Secretary or by another authorized person; and
- not already have had a prior Trump Account election made on their behalf.
IRS guidance further explains that, for 2026 elections, this generally means a child born after December 31, 2008, may qualify for an initial Trump Account if the Social Security number requirement is met.
Who Can Contribute?
During the growth period, contributions may come from several sources, including:
- the federal $1,000 pilot-program contribution;
- qualified general contributions funded by governments or §501(c)(3) organizations;
- employer contributions under IRC §128;
- qualified rollover contributions from another Trump Account for the same child; and
- other contributors, such as the child, parents, relatives, or any other person.
Ordinary contributions and employer contributions are generally subject to a combined $5,000 annual limit during the growth period, indexed after 2027.
The federal pilot program contribution, qualified general contributions, and qualified rollover contributions do not count against the $5,000 cap.
Separate Eligibility for the $1,000 Pilot-Program Contribution
It’s important to note that eligibility for a Trump Account itself is broader than eligibility for the federal $1,000 seed contribution.
For the pilot contribution under IRC §6434, the child must generally:
- be a qualifying child under IRC §152(c) of the person making the election;
- be born after December 31, 2024 and before January 1, 2029;
- be a U.S. citizen;
- have a Social Security number issued before the election; and
- not have had a prior pilot-program election processed.
The pilot contribution is paid only into an established Trump Account. If the child does not have an account, no cash refund is paid outside of the account.
How Elections Are Made
Although contributions cannot begin until July 4, 2026, elections to establish the account and request the pilot contribution may be made earlier on Form 4547, including with a 2025 tax return, or later through the IRS online process when available.
The Short Version
Contributions begin July 4, 2026. A Trump Account can generally be opened for a child under age 18 with a Social Security number and no prior Trump Account election. The separate $1,000 federal contribution is more limited and generally applies to U.S.-citizen children born in 2025 through 2028 who also meet the qualifying-child and Social Security number requirements.
Additional information about setting up these accounts is available on the official website.
If you have questions about how these rules may apply to your family or specific situation, please feel free to contact us.