Understanding the New Trump Accounts for Children
Trump Accounts (also called Section 530A accounts) are new tax-advantaged savings accounts designed to help families begin building long-term savings for their children. These accounts allow parents or guardians to open an account in a child’s name and contribute funds over time.
Eligible children may also qualify for a one-time $1,000 government seed contribution, giving families a starting point for future savings.
Who Is Eligible
To receive the $1,000 government contribution, the child must be born between January 1, 2025 and December 31, 2028. Families can still open an account for children born outside this window, but they won't qualify for the $1000 deposit.
How to Open an Account
Families can open a Trump Account in a few ways:
- Through their tax filing using software such as TurboTax or FreeTaxUSA, which will guide you through the election process
By completing and submitting IRS Form 4547 with your federal tax return
By enrolling directly through the official portal at form.trumpaccounts.gov
Accounts are expected to begin activation in 2026.
A Simple Way to Plan Ahead
Starting early can make a meaningful difference over time. Programs like this are designed to help families build savings gradually and support future goals like education, housing, or other major life expenses.
Central Willamette Credit Union is here to help members stay informed and make confident financial decisions.
*The information provided here is for informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor before making any financial decisions.