More than 4 million children enrolled in Trump Accounts savings program, IRS says
More than four million children have been enrolled in newly created Trump Accounts, the Internal Revenue Service (IRS) said Tuesday, marking a major rollout of the administration’s savings initiative.
Additionally, the IRS said more than one million children are covered by elections for the $1,000 Trump Accounts pilot program contribution.
Trump Accounts were created under the "One Big Beautiful Bill Act" last year, and contributions can begin July 4, 2026.
"The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," IRS Chief Executive Officer Frank J. Bisignano said in a statement. "Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It’s that simple."
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The new data is based on how many Form 4547, "Trump Account Election(s)," have been submitted with individual tax returns to date, according to the IRS.
To create a Trump Account and enroll in the pilot program with their 2025 tax return, parents can fill out IRS Form 4547.
The accounts will be available to every American child born between Jan. 1, 2025, and Dec. 31, 2028, and will include a $1,000 seed contribution invested in an index fund. They can be created for anyone who has not turned 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
Each account is in the child's name and is controlled by parents until the child reaches age 18.
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While no contributions are required, up to $5,000 can be deposited into the accounts per year.
The U.S. Treasury previously estimated that Trump accounts could accumulate significant savings if families maximize contributions and allow the funds to grow.
For example, a fully funded account could reach as much as $1.9 million by age 28, according to the Treasury’s Office of Tax Analysis. At the lower end of projected returns, the account could still yield nearly $600,000 over the same period.
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Without additional contributions beyond the federal government’s initial $1,000 deposit, it is estimated that the account could grow to between $3,000 and $13,800 over 18 years.
Children can receive contributions from parents, relatives, friends, employers, state governments and philanthropic organizations, according to the IRS.
Since the Trump Accounts were first unveiled, numerous major companies have expressed support for the initiative and announced plans to match the government's $1,000 contribution for eligible employees’ children.
More information about Trump Accounts can be found at trumpaccounts.gov.
FOX Business has reached out to the White House for comment.
FOX Business' Amanda Macias and Emma Colton contributed to this report.