WASHINGTON — The individual investment accounts for children, dubbed Trump Accounts, are now live.
The accounts were launched on July 4, The Associated Press reported, under the Working Families Tax Cuts and will allow parents, guardians, and other authorized individuals to establish the accounts on behalf of their children.
They are for kids who have not turned 18 and will not do so by the end of the calendar year in which the accounts are set up. They’ll also need to have a valid Social Security number.
A pilot program will deposit $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, who are also U.S. citizens with valid Social Security numbers.
Companies are also putting money into some of the accounts. Michael Dell, founder of Dell Technologies, and his wife pledged $6.25 billion for children who do not qualify for the $1,000 government funds, specifically $250 for children 10 or under.
Micron Technology CEO, Sanjay Mehrotra, will also give $250 million, according to a post by President Donald Trump on Truth Social, the AP reported.
How to sign up?
You’ll sign up by going into your IRS account using ID.me and submitting Form 4547. You will need the ID.me account, your child’s Social Security number, birthday, and address.
It should take about five to 10 minutes to complete the process.
The accounts are in your child’s name, but the parent or guardian is the sole custodian until the child turns 18.
Up to $5,000 a year can be deposited, or the account owners can just allow the money to sit there and grow on its own, according to the government’s website. The funds will be invested in the stock market on the child’s behalf, the AP reported. The accounts will be managed by private banks and brokerages with no more than .10% in annual fees.
When can the money be used?
The money can be accessed when a child turns 18 for qualified expenses, such as education or the purchase of a first home. Withdrawals may be restricted and will be taxed as ordinary income.
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