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(NEXSTAR) — Over 6 million Trump accounts for children will soon launch, opening to their first contributions roughly a year after they were announced.
If you aren’t familiar, these accounts are expected to work much like a retirement account.
As your child grows, so, too, will the funds in their Trump account. When both mature, your child can use the funds to help finance major milestones they’re embarking on: college, buying a home, or starting a business.
Every child in the U.S. qualifies for a Trump account, as long as they are under the age of 18 and have a Social Security number.
Parents were able to register their eligible child (or children) while filing their taxes. If you didn’t, or your child was born after the tax-filing deadline, you still have time to register them for an account. You could even wait until after the July 4 launch date to sign up.
You can complete Form 4547 on the Trump account website. You’ll need your Social Security number and other 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.
Children who are born between January 1, 2025, and December 31, 2028, are eligible to receive $1,000 in seed money from the Treasury Department under an optional pilot program. If your child is under the age of 10, but too old to qualify for that contribution, they may qualify for a one-time payment of $250.
Additional account contributions can also come from you, your family and friends, your employer, philanthropic donations, and state or local governments. There are annual caps on some of these contributions.
The IRS explains that the “growth period” for the accounts will end on Dec. 31 of the year before the child turns 18.
As Trump accounts launch, the Treasury is warning parents to be aware of scams. Official emails about the accounts will come from the address “[email protected].” The Treasury is not contacting parents and guardians via phone call or text message. If you need to contact support, you will find in-app and online callback requests.
You should also only access the account online, via TrumpAccounts.gov, or via the mobile app.
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