President Donald Trump marked the official launch of Trump Accounts Monday by ringing the opening bells for both the New York Stock Exchange and Nasdaq from the Oval Office.
The tax-advantaged investment accounts are available for children who have not turned 18 by the end of the year the account is opened and who have a valid Social Security number. Families can open the accounts through the IRS and may contribute additional money over time.
Eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, can receive a one-time $1,000 contribution from the U.S. Treasury after a parent or other authorized adult makes the required election.
Parents, relatives, employers and other organizations may also contribute to the accounts, which are designed to give children an early start on long-term saving and investing.
The White House says millions of accounts have already been requested. Families can apply online through their IRS account by submitting Form 4547.
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