Trump Accounts are now a new tax-advantaged savings option for children, and the first deposits are set to begin under a temporary federal pilot that gives eligible U.S. citizens born from 2025 through 2028 a $1,000 starting balance. Parents and other filers can start opening the accounts in 2026, but only if the child is 17 years old or younger on the last day of that year and has a Social Security number valid for employment that was issued before the election to open the account.
The accounts were created by the One Big Beautiful Bill, also called the Working Families Tax Cut, which President Donald Trump signed into law on July 4, 2025. They are a type of traditional individual retirement account opened for a child’s benefit, but contributions are not tax deductible and the money grows tax deferred until it is withdrawn.
That structure is what makes the accounts unusual. Under the government’s pilot program, the Treasury will seed only eligible children’s accounts with the one-time $1,000 payment, and the child’s family must still take the step of opening the account. Kelly Wallace said the program promises a $1,000 government contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, but eligibility also depends on whether the person opening the account expects the child to be their qualifying child for federal tax purposes.
For families planning ahead, the timeline is straightforward. Contributions from parents and others are allowed until the year the child turns 18, and after that the child takes control and can contribute only if they have earned income. To open an account, a parent or other filer must submit Form 4547 to the IRS, either with a federal income tax return or through an online version available on TrumpAccounts.gov, which is the official government website for the program.
The friction point is that the money is not locked away forever on generous terms. Once the child controls the account, most of the rules that govern traditional IRAs apply, including a possible 10% penalty if money is taken out before the beneficiary reaches 59½ years old. There are exceptions, including withdrawals for higher education expenses or buying a first home, but the basic message is that the account is meant for long-term savings, not quick access cash.
For parents, the practical answer is this: Trump Accounts can be opened, but only by meeting the age and Social Security rules, and the federal $1,000 deposit is limited to eligible children born from 2025 through 2028. Families that want the account for 2026 should be ready to file Form 4547 with a return, including one filed through TurboTax, because the government’s new savings pitch comes with paperwork and deadlines, not just a promise.