Here's how you can claim Trump Account on behalf of your child
President Donald Trump is expanding Trump Accounts by more than 70 million, an increase from the 8 million opened since July.
TL;DR
- Trump Accounts are tax-deferred investment savings accounts for children under 18.
- Expansion aims to reach over 70 million accounts, up from 8 million since July.
- Government deposits $1,000 for children born between 2025-2028.
- Parents, grandparents, and others can contribute up to $5,000 per year.
- Automatic enrollment for eligible children has been implemented.
- Accounts can be claimed and managed via an app.
- Funds are accessible without penalty for qualified expenses like education or a first home.
- Withdrawals may be subject to restrictions and taxed.