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The U.S. Treasury Department has announced the next steps for activating Trump Accounts, the pilot program that will give $1,000 to babies born within a certain time frame.
Here’s what to know:
How to activate your child’s Trump Account
What’s next:
Parents who have already signed their children up for the account by submitting IRS Form 4547 will begin receiving emails with instructions on how to activate the account. Those emails will be sent in phases between now and July 4. The emails will come from [email protected].
You can complete the steps to activate your account using either the Trump Accounts app on your phone or by visiting trumpaccounts.gov after you get the email.
Timeline:
Starting July 4, children’s Trump Accounts can accept contributions from parents, family members, employers and other eligible contributors, subject to annual limits.
Also starting July 4, eligible children will begin receiving $1,000 from the Treasury Department deposited directly into their Trump Accounts.
What are Trump Accounts?
The backstory:
A provision of Trump’s tax legislation, Trump Accounts are meant to give $1,000 to every baby born between 2025 and 2028, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18. They can only use it for specific purposes, like paying tuition, starting a business or making a down payment on a home.
READ MORE: Trump shares new details on ‘Trump ASccounts’ savings program
After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees.
The parents of older children can also open accounts, but they won’t get the $1,000 bonus.