- The IRS says more than 4 million children have been enrolled in tax-advantaged Trump accounts, with more than 1 million elections filed for $1,000 pilot program contributions.
- Eligibility for the $1,000 federal seed contribution is limited to children born between January 1, 2025 and December 31, 2028, who are U.S. citizens with a valid Social Security number.
- Contributions to Trump accounts opened on July 4, 2026, accepting deposits from parents, relatives, friends, employers, state governments and charitable organizations up to the annual limit.
Internal Revenue Service announced That taxpayers have opened more than 4 million Trump accounts. Of those enrollments, more than 1 million families have elected to receive $1,000 “baby bonus” contributions available through the Trump Accounts pilot program.
The numbers, based on Form 4547 submissions filed with individual tax returns, indicate early adoption of a program that could reshape the way American families save for their children’s future.
How does the Trump account work?
Trump accounts serve as a new type of individual retirement account designed for minors. Parents, guardians and other authorized individuals may request to set up an account for any eligible child who does not turn 18 before the end of the calendar year and has a valid Social Security number.
The pilot program adds a $1,000 federal contribution for children born between January 1, 2025, and December 31, 2028. To claim it, families check a box on IRS Form 4547 when they file their 2025 tax return.
General contributions to Trump accounts are scheduled to begin on July 4, 2026. Once the date arrives, accounts can receive deposits from a wide range of sources: parents, relatives, friends, employers, state governments, charitable organizations and individuals.
The annual contribution limit for 2026 will be $5,000.
Key Dates and Eligibility
There are two levels of eligibility in the program. Any child under 18 with a valid Social Security number can open a Trump account on their own behalf. The $1,000 Pilot contribution layer is more restrictive: Only U.S. citizen children born between 2025 and 2028 are eligible.
The election is made via Form 4547, which is filed with the taxpayer’s 2025 return. The IRS enrollment figures released this week are based solely on forms received so far during the current filing season, meaning the final numbers are likely to be higher once the filing deadline passes.
The July 4, 2026 contribution start date gives the IRS and Treasury several more months to finalize administrative details.
You can follow the process here trumpaccounts.gov.
What does this mean for families
For families with young children, the Trump Accounts program represents a new tax-advantaged way to build long-term savings. The $1,000 Baby Bonus contribution is effectively free money from the federal government for eligible families.
Its structure resembles the state-level baby bond programs that have gained popularity in recent years, although this version operates at the federal level and is tied to the retirement account structure.
The sign-up pace (4 million children enrolled, with 1 million pilot elections) shows that tax preparers and filing software have smoothly integrated the Form 4547 process into the 2025 filing season. This matters because participation in government savings programs has historically lagged behind, requiring extra steps to enroll.
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