What is a Trump Account? Eligibility explained
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The short version
A Trump Account is a new type of individual retirement account (IRA) for children, created by the Working Families Tax Cuts law (IRS: Trump Accounts). Starting Oct 1, 2026, the Treasury Secretary automatically enrolled eligible children (IRS: Trump Accounts FAQ).
Who is eligible
A child qualifies if they (IRS: Trump Accounts): - have a valid Social Security number, and - will not turn 18 before the end of the calendar year in which the account is established.
A child does not need to qualify for the $1,000 government contribution to have an account (IRS: Trump Accounts).
What you still need to do
- Claim and activate the account in the official Trump Accounts app (Apple App Store / Google Play) or website. Even an automatically opened account must be claimed before you can manage it (IRS: Trump Accounts FAQ).
- If your child was born 2025-2028, elect the $1,000 contribution separately. See the $1,000 pilot deposit.
Who runs the accounts
Treasury designated BNY (The Bank of New York Mellon) as financial agent; Robinhood Securities LLC is the brokerage provider and initial trustee. Official help line: 866-USA-4547 (866-872-4547) (IRS: Trump Accounts FAQ).
Sources
More guides
- The Dell $250 Trump Account deposit: who got it
- Form 4547 explained: how to fill it out, part by part
- The $1,000 Trump Account pilot deposit: who gets it and how to elect it
- Trump Account contribution limits and rules
- Trump Account FAQ: quick answers
- Trump Account investment options: what the money can be invested in
- Trump Account scams: fake texts and how to spot them
- Trump Account errors: 'unable to process', CP318 and name/SSN mismatches
- Who can claim a Trump Account: parent, guardian, sibling or grandparent?