(WDRB/InvestigateTV) — A new type of tax-advantaged investment account for children is now available through the U.S. Treasury. Called Trump Accounts, the program launched July 4 and provides eligible children with a $1,000 initial deposit to start investing.
The program is administered through a partnership between the U.S. Treasury, Robinhood and BNY Mellon. Parents can get started at trumpaccounts.gov.
Steve Quirk, chief brokerage officer at Robinhood, said eligibility is broad.
"Anybody under the age of 18 is eligible to open an account and participate in this and there are a variety of contributors that have already contributed or are in the process of contributing," Quirk said.
Any American child born between Jan. 1, 2025, and Dec. 31, 2028, receives the $1,000 federal deposit. The accounts are investment accounts, not traditional savings accounts.
Quirk said tax service providers will prompt eligible families to complete the necessary paperwork when a new child is reported.
"A lot of the tax service providers will prompt you when they see that you’ve had a child to fill out this form which is called 4547 and in doing so you are effectively doing the very first thing which is necessary to open that account and get that funding," Quirk said.
Parents can contribute up to $5,000 per child per year. The $1,000 federal deposit does not count toward that limit. Employer contributions are capped at $2,500 per year and do count toward the $5,000 annual total.
A Trump Accounts app is available for tracking a child's investment from a mobile device. Download links and step-by-step instructions are available at trumpaccounts.gov.
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