How to Open a Trump Account

Before you start: eligibility checklist

Children outside the 2025–2028 birth window, or non-citizen children with an SSN, can still have a Trump Account opened and funded by family — they just don't receive the government deposit.

Step 1 — Get your child's Social Security number

A Trump Account is registered in the child's name and Social Security number from day one. If your child doesn't yet have an SSN, you'll need to apply for one first. SSNs for newborns are typically issued automatically when you request one at the hospital via the Enumeration at Birth (EAB) program, or you can apply separately using Form SS-5 from the Social Security Administration.

Expect a delay of 2–4 weeks for the SSN to arrive. You'll need it on hand before filing Form 4547.

Step 2 — File IRS Form 4547 with your tax return

This is the key step to claim the $1,000 government contribution for eligible children. Form 4547 is filed as part of your normal annual federal income tax return.

What Form 4547 does

• Registers your intent to open a Trump Account for a specific child
• Claims the $1,000 federal seed contribution (for eligible children)
• Links the election to your child's Social Security number

What information you'll need on Form 4547

• Your child's full legal name
• Your child's Social Security number
• Your child's date of birth
• Your relationship to the child

When to file

Form 4547 is filed during the standard annual tax filing period (typically January–April for the prior tax year). For example, if your child was born in 2025, you would file Form 4547 as part of your 2025 tax return, filed in early 2026.

Where to find Form 4547

Form 4547 is available from the IRS at IRS.gov — About Form 4547. Tax software (TurboTax, H&R Block, FreeTaxUSA, etc.) is expected to include the form in their guided filing flows for the 2025 tax year. If you use a tax preparer, inform them you want to elect a Trump Account.

Step 3 — Choose a custodian (starting July 4, 2026)

A custodian is the financial institution that holds and administers the account. Starting July 4, 2026, you'll open the physical account at an IRS-approved custodian.

What to look for in a custodian

• IRS approval — The institution must be on the IRS's approved list of Trump Account custodians. This list is expected to be published before the July 2026 launch.
• Index fund options — The custodian must offer eligible U.S. stock index funds with expense ratios at or below 0.10%. Fidelity and Vanguard both already offer qualifying funds (e.g., Fidelity ZERO Total Market Index, Vanguard Total Stock Market Index).
• No account fees — Look for custodians with zero account maintenance fees, since these eat into long-term returns.
• Clean online interface — You'll be managing this account for up to 18 years; a good user experience matters.

Expected custodians

As of early 2026, the following institutions have publicly announced plans to offer Trump Account custodianship or are widely expected to do so:

• Fidelity Investments — offers FZROX (0.00% expense ratio), FXAIX (0.015%)
• Vanguard — offers VTSAX (0.04%), VOO (0.03%)
• Charles Schwab, Merrill Edge, and others — announcements expected before July 2026

Verify directly with your chosen institution once the IRS publishes the official approved custodian list.

Step 4 — Confirm the $1,000 government deposit

For eligible children, the $1,000 federal seed contribution will be deposited directly into the account and invested in a qualifying index fund when the account goes live. You do not need to take any additional action beyond filing Form 4547 — the deposit happens automatically.

You should receive confirmation from the IRS and/or your custodian once the deposit has been made. Retain records of your Form 4547 filing in case any discrepancy arises.

Step 5 — Make ongoing contributions

Once the account is live, you can contribute up to $5,000 per year from family and individual sources. A few practical notes:

• The $5,000 is a combined cap. If grandparents contribute $2,000, the remaining family limit for that year is $3,000 — regardless of who contributes, the total from all non-employer sources cannot exceed $5,000.
• Contributions are after-tax. There is no federal income tax deduction. You contribute from money you've already paid taxes on.
• No contribution deadline within the year. You can contribute in a lump sum or spread it throughout the year.
• Employer contributions are separate. If your employer offers a Trump Account plan, their contribution (up to $2,500/year) doesn't count toward your $5,000 family cap.
• Stop contributing at 18. Once the child turns 18 and the account converts to a Traditional IRA, family contributions end. The young adult can then contribute to the IRA under standard IRA rules (requires earned income).

Frequently asked questions about opening