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President Donald Trump is expanding Trump Accounts by more than 70 million, an increase from the 8 million opened since July.
Trump Accounts are tax-deferred investment savings accounts designed to provide children with financial investments. The money is invested into a “diversified investment vehicle” to support long-term growth while minimal risk.
Every child under the age of 18 is eligible to enroll in the accounts. To get started, parents can fill out IRS Form 4547 and download the app, available on the Apple and Google app stores.
For children born between Jan. 1, 2025, and Dec. 31, 2028, the government will deposit $1,000 into each account. Parents, grandparents, and others can contribute up to $5,000 per year up until the year before the child turns 18, at which point ownership transfers to the beneficiary.
“Since July Fourth, $4.5 billion have been deposited in Trump Accounts,” Trump said Wednesday in the Oval Office.
In July, Kevin Hassett, director of the White House’s National Economic Council, said the administration was aiming for automatic enrollment for babies born during Trump’s term.
On Oct. 1, the U.S. Treasury completed automatic enrollment for eligible children who do not already have an account. A parent or guardian must then claim the enrolled Trump Account to manage it. The account must be claimed for eligible children to receive their one-time $1,000 deposit.
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Once the child becomes a legal adult, funds can be accessed without penalty for qualifying expenses, such as education or buying a first home. However, withdrawals may be subject to restrictions and taxed at ordinary income rates.
“I urge all parents to download the official Trump Accounts app to claim their children’s account or begin managing, contributing to it today, it’s really amazing,” Trump said. “It also teaches people a little bit about entrepreneurship and watching your account grow.”
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[ H/T Washington Examiner ]
