News & Resources
New Opportunity for Parents & Grandparents: Trump Accounts for Children
Congress recently created a new savings vehicle known as a Trump Account (officially a 530A Account) designed to help families save for a child's future. If you have children or grandchildren under age 18, this may be an opportunity worth exploring.
Who Can Open a Trump Account?
A Trump Account can be opened for any U.S. citizen child under age 18 who has a valid Social Security number.
This means that even if your child was born before 2025—for example, in 2022, 2023, or 2024—you can still open and contribute to a Trump Account.
Government Seed Money
Children born between January 1, 2025, and December 31, 2028 may qualify for a one-time $1,000 government contribution when a Trump Account is established.
Children born before 2025 are not eligible for the government-funded $1,000 contribution; however, they are still eligible to have a Trump Account opened and funded by family members.
Contribution Rules
- Up to $5,000 per year may be contributed.
- Contributions are made with after-tax dollars.
- There is no earned income requirement for the child.
- Parents, grandparents, other family members, and certain employers may contribute.
- Contributions grow tax-deferred within the account.
Account Management
- A parent or legal guardian serves as the account custodian until the child reaches age 18.
- The child must have a valid Social Security number.
- Upon reaching adulthood, the account transitions according to applicable IRS rules.
How to Open an Account
There are two ways to apply for a Trump Account:
Online Application
If you have an IRS online account, you can submit the application electronically through the IRS portal. If you do not already have an IRS online account, one can be created through the IRS website before completing the application process.
Mail-In Application
Families who prefer not to apply online may complete the required form and mail it to the same IRS Service Center where they would normally mail an individual income tax return.
Additional information is available at:
IRS Trump Accounts Information
Trump Accounts Portal
Before You Open an Account
As with any savings or investment vehicle, it is important to understand the contribution limits, investment options, withdrawal restrictions, and long-term tax implications. We encourage you to review the program details carefully and consult with your financial advisor regarding whether a Trump Account fits your family's financial goals.
If you have questions regarding how this account may impact your overall financial or tax planning, please contact our office. We would be happy to discuss the rules and help you determine whether a Trump Account may be beneficial for your family.
