Who’s Eligible for the New Trump Accounts Program and $1,000 Deposit?

Trump Accounts Program: The Trump Accounts app is now available across the country and gives parents a new way to open and manage savings accounts for children. The Treasury Department said the app is on the Apple App Store and Google Play, and families can also use TrumpAccounts.gov to set up the account. The government said this is the main way to use the new program.

Trump Accounts were created under the Working Families Tax Cuts law. They are tax-advantaged investment accounts for children under 18 who have a valid Social Security number. The IRS says Form 4547 is the form used to open an initial Trump Account and to request the one-time $1,000 pilot program contribution.

📱 Welcome to Trump Accounts pic.twitter.com/CnFSuhrLEH

— Trump Accounts (@TrumpAccounts) May 28, 2026

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How the $1,000 Starts Growing?

For children born after December 31, 2024, and before January 1, 2029, the Treasury will add a one-time $1,000 pilot contribution if the election is made. The Treasury said those pilot payments will not be deposited earlier than July 4, 2026. It also said contributions from parents, relatives, employers, and other eligible people can begin on July 4, 2026, and they are subject to annual limits.

The idea behind the program is simple. A small amount of money can grow over time if it stays invested for many years. The IRS says the account works like a traditional IRA during the growth period, but with special rules. It also says Trump Accounts can only hold eligible investments, can have their own contribution limits, and usually restrict withdrawals until the child gets older.

What Parents Need to Know

The IRS says the process starts when a parent, guardian, or other authorized person signs in to an IRS account, submits Form 4547, and checks the status of the form later. The IRS says the process should take about 5 to 10 minutes. It also says the account setup needs an ID.me account, the child’s Social Security number, and the child’s date of birth and address.

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The Treasury said the rollout was built with BNY and Robinhood, with Robinhood serving as brokerage and initial trustee for the accounts. Treasury also warned families to watch out for scams and said official activation messages will come by email, not by text or phone call.

For families who qualify, the $1,000 deposit is only the starting point. The bigger question is how much time the money gets to stay invested and whether regular contributions can help it grow into a much larger amount later.