Beginning in 2026, parents (and guardians) can establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number. The pilot program also provides for contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
You can enroll your child by making an election when you file your taxes. Beginning July 5, 2026, a financial institution will receive your funds and activate your account. Your account balance will grow over time; however, you may choose to contribute up to $5,000 per year to accelerate gains.
Use IRS form 4547 for elections to open an initial Trump account and to elect to request a one-time $1,000 pilot program contribution. The form and instructions are available here.
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