U.S. Treasury Launches Trump Accounts With $1,000 Deposits for Children Born Through 2028
Updated
Updated · WDRB · Aug 3
U.S. Treasury Launches Trump Accounts With $1,000 Deposits for Children Born Through 2028
3 articles · Updated · WDRB · Aug 3
Summary
$1,000 federal deposits are now available through new Trump Accounts for U.S. children born from Jan. 1, 2025, to Dec. 31, 2028, after the program launched July 4.
The tax-advantaged accounts are investment accounts rather than traditional savings accounts, created to help children start investing early and opened through a Treasury partnership with Robinhood and BNY Mellon.
Parents can contribute up to $5,000 a year per child, while employers can add up to $2,500 that counts toward that annual cap; the federal $1,000 does not.
Robinhood said eligibility to open an account is broad for anyone under 18, and tax preparers are expected to prompt families with newborns to file Form 4547 to secure the initial funding.