How to Open a Trump Account When Filing Your Taxes

Tax season is in full swing, and this year, parents might spot something brand new for their kids when they file their returns.

The IRS has added an option to register for a so-called Trump Account, or 530A account, a new type of individual retirement account (IRA) for eligible children under 18. 

While families won’t be able to actually fund the accounts until July 5, 2026, parents can get a head start now by registering their interest and completing Form 4547. And there’s an extra perk for some families: Parents can opt in to the $1,000 pilot program contribution the federal government is offering to eligible children born between 2025 and 2028.

Children must be U.S. citizens and under 18 to qualify for the tax-deferred investment account. 

Filing Form 4547 electronically is the “fastest, safest, and easiest way to make the elections,” according to the IRS. However, parents can also mail in a paper version if they file their taxes that way. 

A New Type of Investment Account

Trump Accounts are intended to help children build long-term financial security early and were newly created as part of the One Big Beautiful Bill Act. Adults (including parents, friends, family, and employers) can contribute up to $5,000 per year per child to the Trump Accounts.

Any funds contributed “must” be invested in equities—AKA stocks—according to the IRS. So far, the exact investment options that parents can pick from have not been disclosed, but the IRS says contributions will be invested in a mutual fund or exchange traded fund that tracks an index of primarily U.S. companies. Growth is tax-deferred, meaning account holders won’t pay taxes until they make a withdrawal. At that point, they will be taxed at ordinary income rates, assuming no penalties apply.

When children turn 18, they can use the funds in the accounts to pay for certain expenses, like  going to college or a down payment on a home. Otherwise, they can continue to treat the account like a traditional IRA, and leave the funds to compound until they turn 59½, after which they can be withdrawn.

While the accounts can be opened for any child under 18, parents and guardians will be able to claim a $1,000 seed contribution from the U.S. Treasury Department for those born on or after Jan. 1, 2025, through Dec. 31, 2028.

So far, there isn’t a ton of detail on exactly which financial institutions will manage the funds. But info on the Trump Account website states that a “financial institution will receive your funds and activate your account.” The Treasury Department will contact parents to activate their child’s account through an “authentication process,” set to begin in May, according to a notice issued by the department in December 2025.

While a 530A account is “fully” in each eligible child’s name, parents are the sole custodian until the child turns 18.

Companies including Block, Charles Schwab, Chime, Mastercard, Robinhood, State Street, SoFi, Uber, Visa, and more have all announced that they will match employee contributions to Trump Accounts “in a variety of forms that work best for their employees.” 

Employers are allowed to contribute up to $2,500 annually, which counts toward the aggregate limit of $5,000 per year. The Treasury Department calls employer contributions “essential” to the success of the accounts, and envisions they will become a commonplace employee benefit similar to 401(k) matches.

States may also create contribution programs, similar to how some states match contributions to 529 accounts. Friends and other family members may also send funds so long as the annual contribution total doesn’t exceed $5,000 per child.