Taxpayers have signed up more than 4 million children for tax-favored Trump accounts, according to the Internal Revenue Service, with more than 1 million of them electing for the $1,000 pilot program contribution.
The Trump account program was part of the Trump administration's One Big Beautiful Bill Act, which was passed in July 2025, and essentially created a form of IRA for children.
"The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," said IRS chief executive officer Frank Bisignano, in a statement. "Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It's that simple."
To participate, parents, guardians and other authorized individuals can submit
To be eligible for the $1,000 government contribution, a child must have been born between Jan. 1, 2025, and Dec. 31, 2028, and have a valid Social Security number.
Starting July 4, 2026, other contributors can add money to the accounts, including parents, relatives, friends, employers, charities and state governments, up to the annual limit of $5,000.
In December, technology billionaire Michael Dell and his wife donated over $6 billion to contribute $250 a piece to the first 25 million accounts created for children in low-income ZIP codes.
The accounts become the property of the individual child when they turn 18.
Visit
