Trump Account Application Now Live!

The application process for Trump accounts is now live and more than 5 million people have already signed up.  While accounts cannot be funded until July 4^th,, 2026 you can start the process now. Unfortunately, the process does not allow for advisors to do this for their clients and mistakes are being made.  Here is a quick primer on the accounts to help you avoid any pitfalls.

How do I open an account?

Parents or legal guardians can open an account for their eligible children using form 4547, which can be completed online here: Trump Accounts | Internal Revenue Service.  If neither parent is available and no guardian has been appointed, then adult siblings, then grandparents have authority to apply in that order.  Note that in most instances grandparents cannot open an account for grandchildren (unless the grandparent is the guardian). This is a common and critical mistake. Make sure the parents fill out the form.

The IRS recommends that parents complete the form online but they may also complete a physical form and mail it to the IRS.  A pdf of the form can be found here:  Form 4547 (December 2025).  If filing a paper form, expect 4 to 8 weeks for processing. E-forms are generally processed faster, around 2-4 weeks. Once the form is processed, the Treasury department will send the information needed to activate the account.   

How do I activate my account?

Accounts can be activated using the Trump Accounts app, which is available on the Apple Store and the Google Play store. The app allows users to track account balances, make contributions, select investments and track investment performance.

What investments are available in Trump Accounts?

Trump accounts intentionally offer a limited set of investments, typically low-cost index mutual funds and exchange traded funds that track broad US stock market indexes, like the S&P 500. Some common examples are the Vanguard S&P 500 ETF (VOO), the Ishares Core S&P 500 (IVV) and the SPDR S&P 500 ETF (SPY).  Individual stocks, bond funds, international stock funds, and most managed stock funds are not allowed.  It is hard to go wrong with the limited options on the list, and that is exactly the point. Investors will receive returns tied to the very broad returns in the US stock market.

How do I get my Federal Contribution?

Any child under the age of 18 is eligible for an account, but children born on or after January 1, 2025 and before December 31, 2028 are eligible for a $1,000 federal seed contribution. Funding and deposits are expected to start on or after July 4, 2026 and after the accounts are activated.

Where can I learn more?

Please check out our previous article that outlines the benefits of Trump accounts: What is a Trump Account.  The Treasury department has also created a website with frequently asked questions at: Trump Accounts - Jumpstarting the American Dream.

We believe that they fill an important gap, creating a tax advantaged way for parents to help their children save, but without the limitations of existing college savings plans. If you have questions, please feel free to give us a call.