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Trump Accounts Guidance

Trump Accounts: What Idaho Families Need to Know

Trump Accounts are a new federal savings program created under federal law and administered by the U.S. Treasury. They are designed to help children build long‑term financial security through low‑cost investment accounts. This page provides a clear overview of how the program works, who is eligible, and what Idaho families can expect when the federal portal launches on July 4, 2026.

Families should rely on official federal resources, including trumpaccounts.gov and IRS guidance (IRS Notice 2025‑68), for the most current information. 

Download our free informational flyers to share with families and community members. English Flyer & Spanish Flyer

Key Facts at a Glance
  • For U.S. citizen children under age 18 with a valid Social Security number
  • One account per child
  • A $1,000 federal contribution is available for eligible children born between January 1, 2025 – December 31, 2028  (after an election is filed)
  • No contributions are necessary, but families and others may contribute up to $5,000 per year, and employers may contribute up to $2,500 of that amount.
  • Accounts cannot be opened or funded until July 4, 2026, when the federal portal launches
  • Optional contributions can begin once the account is activated, using online payments, bank transfers, or payroll deductions (if offered) 
  • Funds will automatically be invested in American companies. The app will let you see exactly what stocks your child owns and how they are performing.
  • Families do not need to choose investments, federal rules will determine the investment options.  
  • Contributions are after-tax and are not deductible.  
Why This Matters?

Trump Accounts are designed to help children build long-term financial security. As they grow, children will be able to see how their savings increase, learn the basics of investing, and understand how money can grow overtime with compound interest. These financial literacy skills will support them through adulthood. 

How Trump Accounts Work

Trump Accounts function like a custodial traditional IRA for children. A parent, guardian, or authorized individual files an election with the IRS or through trumpaccounts.gov. After the federal portal opens in July 2026.

After the IRS accepts the election, the account will be created by a Treasury‑approved financial institution, and families will receive instructions on how to log in, view the account, and begin contributing.

Eligible children born 2025–2028 will receive a one‑time $1,000 federal contribution, and families may contribute up to $5,000 per year and employers may contribute up to $2,500 of that amount.

What Happens When Your Child Turns 18?

When the child turns 18, the Trump Account becomes a traditional IRA, and standard IRA rules apply. The account continues to belong to the child and withdraws are subject to federal IRA requirements. Funds can be accessed without penalty when the child turns 18 for qualified expenses like education, first time home purchase, or starting a business. Withdraws may be subject to restrictions and would be taxed at ordinary income rates. 

Consumer Protection & Fraud Prevention

Only use official federal websites such as trumpaccounts.gov and IRS.gov. Be cautious of anyone offering to “fast‑track” the $1,000 deposit or charging fees to open or manage an account.

FAQ's

When can I open a Trump Account?

Families will be able to open Trump Accounts starting July 4, 2026, when the U.S. Treasury launches the official federal portal at trumpaccounts.gov. 

A parent, guardian, or authorized adult must file an election with the IRS. This will be done online through trumpaccounts.gov once the federal portal opens in July 4, 2026.  

U.S. citizen children under age 18 with a valid Social Security number are eligible when an authorized adult files and election to open an account for them. Children born between January 1, 2025- December 31, 2028 qualify for the $1,000 federal deposit. Children born outside of 2025-2028 are not eligible for the $1,000, though children up to 18 are still eligible to have a Trump Account. 

Once the account is created:

  • Your child’s account will be created by a Treasury approved financial institution
  • You will receive a welcome notice with login instructions 
  • If eligible, the $1,000 federal contribution will be deposited 
  • You will be able to view the account online and begin contributing  

No. Only one authorized individual may file per child. If both parents file an election the IRS will accept the first valid submission. 

Yes, if you are filing through trumpaccounts.gov you can submit elections for as many children you have, one after another, in the same online session. If you file form 4547 with your tax return, you are allowed up to two children on one form. If you have more than two eligible children you will file additonial elections through trumpaccounts.gov

  • Trump Accounts- These are designed to help children start building retirement savings early in life. Money grows tax‑deferred, and withdrawals follow traditional IRA rules once the child becomes an adult. Families cannot choose individual investments — federal law requires low‑cost index funds.
  • 529 Plans -These are education‑focused accounts. Money grows tax‑free when used for qualified education expenses like college, trade school, or certain K–12 costs. They are not designed for retirement. Learn more about Idaho 529 plans at idsaves.org
  • Custodial Accounts (UGMA/UTMA)- These are flexible savings or investment accounts that legally belong to the child. The money can be used for almost anything that benefits the child. They do not have special tax advantages and typically allow a wide range of investments.
  • Custodial Roth IRAs for Kids- These are retirement accounts for children who have earned income from a job. Contributions are made with after‑tax money, grow tax‑free, and can be withdrawn tax‑free in retirement. They offer strong long‑term benefits, but only children with documented earned income can qualify.
Federal Programs & Guidance

Financial Literacy for Families & Youth

  • MyMoney.gov — U.S. Treasury’s official financial education site with tools for budgeting, saving, and planning.
  • FDIC – Money Smart for Young People — Free lessons and tools for teaching kids and teens about saving and investing.
  • SEC – Investor.gov — Easy‑to‑understand information about investing basics, compound interest, and avoiding scams.
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