Tax season is underway and the Trump administration is urging families to sign up for so-called “Trump Accounts” when they file their 2025 returns.
President Donald Trump will join Treasury Secretary Scott Bessent, CEOs and investors at an all-day summit on Wednesday in Washington, D.C., calling on parents to open their accounts.
Under Trump’s signature tax and spending legislation, starting this July the federal government will deposit $1,000 for every baby born between 2025 and 2028.
A number of major U.S. companies have already pledged to match the federal government’s initial $1,000 contribution for eligible employees’ children, including Charles Schwab, Robinhood, SoFi, Uber, Charter Communication and BNY.
A Treasury Department official told ABC News that additional pledges will be announced throughout the day, including company matches and contributions.
Speakers at the event include Bessent, Republican Sen. Ted Cruz, investor Kevin O’Leary, Dell CEO Michael Dell, actress Cheryl Hines, who’s married to Trump’s Health and Human Services Secretary Robert F. Kennedy Jr., and Sofi CEO Anthony Noto. Rapper Nikki Minaj is also expected to attend, the official said.
Some families with older kids might also be eligible for funds. Dell and his wife Susan announced late last year they are donating $6.25 billion to seed savings accounts for up to 25 million American children — depositing $250 for every child age 10 and under, who lives in a ZIP code where the median income is below $150,000.
How does it work?
To receive that money, families need to open a Trump account by making elections on IRS Form 4547 when filing their tax returns.
Families can contribute up to $5,000 annually. Employers can contribute up to $2,500 per year per employee.
The money must be invested in a fund that tracks the broader stock market and it can’t be withdrawn until the child turns 18.
The Trump administration estimates that, based on historical stock market averages, a Trump account opened in 2026 with the $1,000 federal government contribution would grow to $5,800 by age 18. For a family that contributes the maximum $5,000 annually, the account is projected to grow to $303,800 by age 18.
Timing
The push comes just one day after Trump traveled to Iowa to tout his economic agenda as the White House faces growing pressure over affordability.
A New York Times/Siena poll this month found that 65% of registered voters think a middle-class lifestyle is “out of reach for most people,” and 58% disapproved of Trump’s handling of the economy overall.
The accounts themselves are set to go live this summer, with contributions beginning on July 4, 2026 — the same day as America’s 250th anniversary.