A mobile app for Trump accounts launched on May 28.
Trump accounts act as IRA accounts for children, and the government is putting $1,000 into the accounts for children born between 2025 and 2028.
“By putting easy access to Trump accounts directly into the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation,” Treasury Secretary Scott Besant said in a press release.
The app currently has financial literacy modules, the Treasury Department said, and will have more capabilities when the accounts launch this summer.
While millions of people have signed up, and the app is live, the accounts have not yet officially launched. When will they be accessible?
When do Trump accounts become available?
Trump accounts will launch on July 4, 2026, Besant said at a Cabinet meeting on May 27. Contributions cannot be made before that date.
How do you open a Trump account?
Parents can file IRS Form 4547 online at trumpaccounts.gov. The form will ask for date of birth, Social Security number and contact information.
After making the deposit, the IRS will set up a Trump account. Account holders will be contacted when it is time to activate their account. The latest guidance from the Treasury Department says the department will begin contacting people via email on May 28.
When will the $1,000 arrive in your Trump account?
The initial funds will arrive in your Trump account on or after July 4, according to a Treasury press release.
Who actually owns the Trump account?
According to Fidelity Investments, the Trump account is owned by the child but operated by an adult until the child turns 18.
Who is eligible for a Trump account?
All US citizens born between 2025 and 2028 qualify for Trump accounts. You must have a Social Security number.
American children under 18 born before 2025 will also be eligible for Trump accounts with all the same features, but will not receive the initial amount of $1,000 from the federal government.
Only one Trump account can be opened per child.
When can you withdraw funds?
IRS rules say you can take distributions from a Trump account on January 1 when you turn 18. According to Fidelity, withdrawals before then are highly restricted.
But the guidelines could be changed to allow withdrawals only after a child’s 18th birthday, said Rita Assaf, vice president of retirement offerings at Fidelity. Reason: A child who has not turned 18 does not have the same legal rights as an adult.
From that point on, Trump accounts can operate just like individual retirement accounts. IRA rules generally penalize withdrawals before age 59½, exceptions include qualified first-time home purchases, higher education, and medical expenses. After age 59½, you can withdraw IRA funds without penalty.
Who can contribute to the Trump account?
Contributions can come from individuals, employers, governments, philanthropists and donors: almost anyone.
How much can be contributed to the Trump account?
Contributions are maximum $5,000 per year. But one-time government “seed” contributions do not count toward the annual limit, nor do contributions from governments and charities.
An employer can contribute up to $2,500 per employee per year, with the money being divided among multiple children. Employees can transfer pre-tax payments to a Trump account. Those contributions count toward the $5,000 annual limit.
Annual limits are indexed to inflation and will increase over time.