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Trump Accounts Jumpstart
The American Dream
The President is building long-term financial security for millions of children by creating tax-advantaged investment accounts for U.S. citizens under the age of 18.
Officially Coming In July, 2026,
But Sign Up 2025 Newborns On Your 2025 1040 With Form 4547.
https://www.irs.gov/pub/irs-pdf/f4547.pdf
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Get $1,000 for every American child born between January 1, 2025 and December 31, 2028.
You can elect to open Trump Accounts for your eligible children using the newly-created IRS Form 4547.
You can do this when you file your taxes or through an online portal that will be available in July 2026.
Continue to check this blog for the latest information.
*No Parental Income Limit.*
The account is fully in your child’s name, and you are the sole custodian until they turn 18.
No contributions necessary—but you can deposit up to $5,000 per year to maximize growth.
Enroll your child by making an election when you file your 2026 taxes.
A financial institution will receive your funds and activate your account.
Sit back and watch the money grow. Contribute anytime (or not).
A “Trump Account” is a new, tax-advantaged savings/investment account for children under 18, created by the One Big Beautiful Bill Act (OBBBA) as a form of starter IRA, offering a $1,000 government seed contribution for eligible kids born 2025-2028, with family/employer contributions up to $5,000/year, aiming to build wealth for education, homeownership, or entrepreneurship.
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Eligibility:U.S. citizens under 18 with a Social Security Number (SSN).
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Initial Funding:A one-time $1,000 U.S. Treasury deposit for children born between Jan 1, 2025, and Dec 31, 2028, if elected on taxes.
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Contribution Limits:Up to $5,000 annually from parents, family, or employers (with employer contributions up to $2,500 not counting as taxable income).
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Tax Advantages:Funds grow tax-deferred, and certain withdrawals (like contributions) can be tax-free, with earnings typically taxed at the beneficiary’s rate upon withdrawal.
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Ownership:The child owns the asset, with a parent/guardian acting as custodian until age 18, when the child takes control.
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Investment:Funds are invested in low-cost index funds tracking the broad stock market.
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Uses:Funds can be used tax-free for education, buying a first home, or starting a business.
- Elect for it: You must file a tax election for your child.
- Launch Date: Accounts are expected to launch in mid-2026 (e.g., July 4th).
- Financial Institutions: The U.S. Treasury will manage initial accounts, with funds going to chosen financial providers.
Purpose: To give children a financial head start, promote financial literacy, and build long-term wealth.
Remember, the moment you have a business or tax question is the moment you should be calling me.
Any Questions or Concerns right now? Call me on (732) 673-0510.
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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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