he Treasury Department is preparing to deposit $1,000 into “Trump Accounts” for babies soon. Parents need to take certain steps so they’re able to receive the money. 🔗 ⬇️

Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents’ employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities don’t count toward that total.

Thanks to a historic donation by the Dell family, some children 10 and under may receive an additional $250 in seed money if their parents open an account.

That money is reserved for kids who live in ZIP codes with a median family income of $150,000 or less and who won’t get the $1,000 seed money from the Treasury.

RELATED: With ‘Trump Accounts,’ your child could qualify for $1,000: What to know

How to sign up for a Trump account

What you can do:

Parents and guardians who haven’t opened a Trump Account yet can open one for their child anytime before they turn 18. Only babies born between 2025 and 2028 are eligible for the $1,000. To open one, you have to submit an IRS Form 4547, include Trump Account elections and enroll in the pilot program. There’s no cost to open an account.

Visit TrumpAccounts.gov for more information on how to register.