Trump accounts are launching: 5 things to know

(NEXSTAR) — The long-awaited Trump accounts for children are about to accept their first contributions.

Over 6 million children have been registered for the savings and investment accounts, according to the Treasury Department. Established under the One Big Beautiful Bill Act, Trump accounts aren’t unlike retirement accounts, growing as your child grows.

After turning 18, your child will be able to tap into the funds for certain purchases.

As the accounts become available on July 4, here’s what to know.

How to sign up and access Trump accounts

If you haven’t yet registered your child for a Trump account and would like to, or if your child hasn’t arrived yet, there’s still time. You will need to complete Form 4547, which can be found on the Trump account website.

You will need your information as well as your child’s. You will also be asked if you would like to receive the optional $1,000 seed money from the Treasury, should your child qualify. More details can be found here. Accounts are free to start.

Who is eligible for a Trump account?

Any U.S. child with a Social Security number who is under the age of 18 qualifies for a Trump account. If their Social Security card reads “Valid for Work Only with DHS Authorization,” the IRS says their Social Security number is considered “valid only as long as the DHS authorization is valid.”

The age of your child and where you live will impact whether or not they receive........

© The Hill