SAVINGS FOR CHILDREN

Trump Accounts: The $1,000 Newborn Deposit and How to Claim It

By O.B. · As of August 1, 2026

A Trump Account is a new savings account for children under the Working Families Tax Cuts. A child may be eligible for a one-time $1,000 Treasury pilot contribution, but a parent or other authorized person needs to make the election.

Who may be eligible

The IRS says a Trump Account can be opened for a child who has not turned 18 by the end of the year of the election and has a valid Social Security number. The separate $1,000 pilot contribution is for a child born from January 1, 2025 through December 31, 2028 who is a U.S. citizen with a Social Security number, if no earlier pilot election has been processed for that child. These are eligibility rules, not a promise that every child will qualify.

How to claim the $1,000 contribution

Sign in to an IRS Individual Online Account using ID.me and submit Form 4547, Trump Account Election(s). The IRS says you will need your child’s Social Security number, date of birth, and address. The election opens the account and can request the pilot contribution.

The Treasury contribution cannot be deposited before July 4, 2026. Treasury says it is deposited after the election is made and it can confirm the account has opened. Do not assume a hospital form or Social Security card mailing has completed the IRS election; check the IRS status page.

What Social Security does

SSA says it is adding Trump Account enrollment information to the hospital process families use to request newborn Social Security numbers and to newborn card mailings. For account creation and the pilot election, SSA directs families to IRS Form 4547 and TrumpAccounts.gov. This is why a child’s Social Security number matters.

Other contributions and when money can be used

Starting July 4, 2026, parents, relatives, employers, and other authorized contributors may add money. The IRS lists an annual limit of $5,000; an employer may contribute up to $2,500 under its program, which counts toward that limit. The IRS says the money generally cannot be withdrawn before the year the child turns 18.

What we could not verify

We did not find an official page that says every hospital enrollment step automatically makes the IRS election. Use the IRS Trump Accounts page to confirm the account and election status for your child.

Sources

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