Over 4M kids are registered for Trump accounts: Can your child still get one? |
Over 4M kids are registered for Trump accounts: Can your child still get one?
(NEXSTAR) – In a little more than three months, so-called Trump accounts will begin accepting their first contributions, including a $1,000 one-time contribution from the U.S. Treasury.
Already, more than 4 million children have been registered for the Trump account through tax filings alone, the IRS reported last month. Of those, more than 1 million are set to receive the Treasury seed money, according to the agency.
If you haven’t yet registered your eligible child for a Trump account, there’s still time – especially if you haven’t filed your 2025 taxes.
What are Trump accounts, and who qualifies?
Trump accounts, which are similar to retirement accounts, are a product of the One Big Beautiful Bill Act. Essentially, the savings and investment account is meant to grow as your child grows, establishing funds they can tap into after becoming an adult. Those funds are meant to be used for education costs, buying a house, or starting a business.
The accounts will be held by a financial firm, which will also manage investments, much like your 401(k) or other such accounts.
Any U.S. child with a Social Security number who is under the age of 18 qualifies for a Trump account. If their........