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Key takeaways:
- A Trump Account is a new government investment program that helps families start investing for their child’s future.
- Any U.S. citizen under 18 with a Social Security number is eligible.
- Babies born between Jan. 1, 2025, and Dec. 31, 2028, may be eligible for a one-time $1,000 government contribution.
- You can contribute up to $5,000 per year to each child’s account to maximize your returns.
- Currently, you can enroll by filing Form 4547 with your tax return. Through Chime, you’ll easily see if your child qualifies as you file 100% for free.
As a parent, you want the best future for your child – including financial security. But if you’re considering investing on their behalf, it’s hard to know where to start.
Luckily, help is at hand. There’s a new federal program, called Trump Accounts, that goes into effect on July 4, 2026. This program can help you jumpstart long-term investing for your child – and, if you have a newborn, you can get $1,000 from the government to get started.
When you file your taxes 100% fee‑free through Chime, you can complete the required IRS Form 4547 in just a few steps, so your child is ready when accounts officially open this summer.
Making this enrollment option available when filing through Chime reflects Chime’s core mission: to unite everyday Americans to Unlock Financial ProgressTM. It also extends that progress to the next generation by making access to government-backed investing simple, timely, and inclusive.
What is a Trump Account?
A Trump Account is a new type of permanent, government-supported investment account for children under 18 in the U.S. It’s authorized by federal law and focuses on long-term investing rather than day-to-day spending. These accounts can be an important step toward unlocking financial progress and expanding long-term financial security for millions of children.
Think of it like your own retirement account. Your 401(k) or individual retirement account (IRA) is a tax-advantaged investment account that provides you with income when you retire. A Trump Account is a type of traditional (IRA). The account is fully in your child’s name, and you manage the account until they turn 18. Once your child turns 18, the account is theirs. They’re free to continue letting it grow, or they can withdraw funds right away to use for things like education or a home, with all the tax advantages of a traditional IRA
Currently, you can enroll by filing Form 4547 with your tax return. Through Chime, you’ll easily see if your child qualifies as you file.
Tip: If you file through Chime, you’ll be made aware if your dependent is eligible and guided through those questions as part of the 100% fee‑free tax filing experience — no separate forms to hunt down.
Who qualifies for these accounts?
This new government-supported investment account is available to all U.S. Citizen children under age 18 who have Social Security numbers.
Once you open an account, you can contribute up to $5,000 per year on your child’s behalf to grow their savings. Babies born between Jan. 1, 2025, and Dec. 31, 2028, will also receive a one-time $1,000 government contribution as part of a pilot program.
How do I enroll in a Trump Account?
Enroll by filing taxes: Currently, this is the first step to opening a Trump Account for your child. Ready to get started? Chime makes it easy to enroll in an account for your child when you file your taxes through us. Here’s how it works:
Here’s how it works:
- Start your return in the Chime app. In the Chime app, tap Taxes and gather your tax documents to start filing 100% fee‑free.
- Claim your dependent. If you claim a child that’s eligible for a Trump Account, you’ll be made aware as you file.
- Answer a few quick questions. You’ll be guided through a short set of questions to complete IRS Form 4547 right in the app.
- Complete your tax return. Your completed Form 4547 will be submitted for you with your tax return.
- Get ready for when accounts open. Once accounts open in summer 2026, your child’s account can begin accepting contributions so you can start investing for their future.
The math behind your child’s financial future
Not sure whether to open a Trump Account account for your child? Consider these benefits that can help create a stable financial future for your child:
- $1,000 investment for newborns. If your child is born between Jan. 1, 2025, and Dec. 31, 2028, the U.S. Treasury may make a one-time $1,000 contribution to your child’s investment account. No family contribution is required to receive the $1,000.
- Optional contributions. You can contribute up to $5,000 per year to each account, fueling growth and maximizing returns. The $1,000 government contribution does not count toward that annual limit.
- Long-term investing. Your contributions are invested in diversified U.S. stock index funds designed to grow over time and build long-term wealth (though they can increase or decrease in value, depending on market conditions).
- Tax-deferred growth. Contributions to your child’s account are made with after-tax dollars and grow tax-deferred. When funds are withdrawn, they are generally taxed as regular income at your child’s current tax rate. This is similar to how a traditional IRA works.
- Security. Your child’s account is opened in their name with their parent or guardian as custodian until age 18.
- Flexibility. Once your child turns 18, they can use the money to help pay for their education, buy a house, start a business, or other future goals. Or, they can continue to let the account grow for their future needs.
When you file your taxes through Chime, you can:
- File 100% fee‑free. Skip expensive tax prep fees.
- Get a maximum refund+ with 100% accuracy.† Our tax partner, april tax solutions, checks for eligible credits and deductions.
- Get your federal tax refund up to 5 days early* with direct deposit
And if your child appears to qualify for a Trump Account, you can complete the required IRS form as part of the same tax filing experience — no extra steps.
Even if you don’t contribute the full amount each year, your child’s account could be worth tens of thousands of dollars once they graduate high school.
How are Trump Accounts taxed?
Your contributions to these investment accounts will grow tax-deferred while your child is under 18. After they turn 18, the account is treated like a traditional IRA.
Withdrawals used for qualifying expenses, such as education costs or the purchase of a first home, are not subject to an early-withdrawal penalty. Withdrawals made before age 59½ for non-qualifying expenses may be subject to a 10% penalty.
You can make annual contributions to your child’s account. Contributions are made with after-tax dollars and are not tax-deductible. The IRS has indicated that annual contribution limits and other rules will be set in upcoming regulations.
Conclusion
Investing through a government-supported investment account for kids can help set your children up for future financial success. Once your child turns 18, they’ll have access to money that they can use to start their adult life off on the right foot.
File your taxes now through Chime and fill out Form 4547 if your child qualifies for the July 2026 launch of these accounts.
FAQs
Is a Trump Account safe?
A Trump Account is a new government investment program for children. It’s a tax-advantaged investment account and is as safe and secure as any type of similar investment account, such as your 401(k). Like any investment account, there are pros and cons, and returns are not guaranteed.
How do I activate my child’s Trump Account?
Right now, your main step is to enroll when you file your taxes by completing IRS Form 4547 for your eligible child. That lets the government know you want to open a Trump Account on their behalf.
You won’t be able to use the account right away. The U.S. government or its appointed financial agent is expected to roll out an authentication process in 2026 so you can complete the opening of the account.
Because the program is still being finalized, details may change, and we don’t yet have more specifics on exactly how activation will work. As the government shares more information, we’ll update this guide so you know what to expect.
Do I have to invest my own money to get the $1,000?
No – the U.S. Treasury will contribute $1,000 to eligible accounts regardless of whether you make a contribution. The $1,000 does not count toward the $5,000 annual contribution limit.
What happens to the money when my child turns 18?
Once your child turns 18, they can access the funds to help pay for college expenses, make a down payment on a house, start a new business venture, or pursue another financial goal. Alternatively, they can leave the money in the account so it can continue to grow.
Can I open a Trump Account if my child was born before 2025?
Yes – as long as your child is under 18, you can open an account for them. However, only children born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for the $1,000 pilot contribution from the U.S. Treasury.
Do I need to use Chime to get a Trump Account?
No. You can open a Trump Account by submitting IRS Form 4547 for an eligible child, whether or not you file your taxes through Chime. However, filing taxes through Chime makes it easy to enroll. You’ll be notified if you claim a dependent that’s eligible, you’ll be guided through a set of questions, and your required Form 4547 will be submitted for you with your return. Plus, filing through Chime is 100% free, with accuracy guaranteed.