500,000+ Families Have Already Elected Trump Accounts — Accounts Go Live July 4, 2026
The IRS reported strong early uptake during the 2026 tax filing season. Here's what it means, what the timeline looks like, and what families with newborns should do now.
Early adoption numbers
In the early weeks of the 2026 tax filing season, approximately 500,000 American families had filed Form 4547 electing to open a Trump Account for a child. This figure was reported in IRS communications as of late January 2026, well before the April tax deadline — suggesting the final election count for the 2025 tax year will be substantially higher.
The number represents a mix of families with children born in 2025 (who qualify for the $1,000 government seed contribution) and families with older children who are electing accounts without the government deposit.
What "electing" an account means — and doesn't mean
Filing Form 4547 is an election — it's the IRS's mechanism to register your intent to open a Trump Account and, if eligible, claim the $1,000 government contribution. Importantly, the election and the actual account infrastructure are on separate timelines:
- Form 4547 (election): Available now during the 2025 tax filing season. Families can and should file this with their return if they have an eligible child.
- Actual accounts go live: July 4, 2026. This is when financial institutions will begin accepting deposits and investing funds. The $1,000 government contribution will be deposited and invested at that time.
In short: file the form now; the money arrives in July 2026.
If your child was born on or after January 1, 2025, and is a U.S. citizen, file Form 4547 with your 2025 tax return to claim the $1,000 government contribution. Missing this form means you may need to claim it retroactively — process TBD by IRS guidance. Don't wait.
Financial institutions preparing for July 2026
Major brokerages and financial institutions are in the process of building Trump Account infrastructure. Fidelity and Vanguard — both of which already offer low-cost index funds well within the 0.10% expense ratio cap — have publicly indicated plans to offer Trump Account custodianship. Specific account interfaces and onboarding processes are expected to be announced closer to the July 4, 2026 launch date.
What comes next
Between now and July 2026, the IRS and Treasury are finalizing regulations covering:
- The official list of approved custodians and financial institutions
- Approved index fund eligibility criteria and any pre-approved fund list
- Employer-sponsored Trump Account plan requirements
- Reporting and tax form requirements for account holders
This site will update as those regulations are published. Check the Updates page for the latest, or monitor IRS.gov directly for official guidance.