07/06/2026
Trump Accounts opened for contributions on July 4. If you have kids or grandkids under 18, here is the short version from our desk.
What they are: a new federal, tax-advantaged account (a type of traditional IRA) for children with a Social Security number.
The free money: a one-time $1,000 federal deposit for children born 2025 through 2028, employer contributions up to $2,500 a year, and $250 charitable deposits for some families. If your child qualifies, the election is worth making.
How to open: file IRS Form 4547 with your return, through your IRS online account, or by mail, or use the trumpaccounts.gov portal or the Trump Accounts app. No cost. The election is due by December 31 of the year the child turns 17.
The part people miss: contributions are not deductible, and this is not a Roth. On withdrawal it is taxed like a traditional IRA, so earnings and the $1,000 pilot and employer dollars come out as ordinary income.
Questions about whether it fits your family, or about offering it to your team? Send us a message: [email protected]
