finance
Treasury Reports 5 Million Enrollments in New Child Investment Accounts with $1,000 Seed Funding
Trump accounts have enrolled 5 million children, according to Treasury Secretary Scott Bessent. Of these, 1.2 million qualify for a $1,000 pilot program contribution from the U.S. Department of the Treasury. The accounts, enacted through President Donald Trump's legislation, launch officially on July 4.
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# Trump Accounts Enrollment Reaches 5 Million Children Trump accounts have signed up 5 million children, Treasury Secretary Scott Bessent said at CNBC's Invest in America Forum on Wednesday. U.S. Department of the Treasury.
The $1,000 Treasury seed money is available to babies born between 2025 and 2028. Scott Bessent stated that the $1,000 is just the starting point. A growing number of companies have pledged to match the $1,000 Treasury deposit.
Philanthropists in multiple states have committed to seed the accounts for qualifying families. 25 billion to fund Trump accounts last year. Michael Dell said Wednesday that more commitments could be coming and we have others joining us at the event.
The new tax-deferred investing accounts for children were enacted via President Donald Trump's big beautiful bill.
Children under age 18 with a Social Security number can open a Trump account. Parents or guardians can open Trump accounts for their kids via IRS Form 4547 with their 2025 tax return. gov. Trump accounts will officially launch on July 4.
The start of tax season on Jan. 26 was the first opportunity for families to elect to open Trump accounts and claim the Treasury's $1,000 seed money by filing IRS Form 4547 with their 2025 tax returns. Less than two weeks after Jan.
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com reported that Scott Bessent is the Treasury Secretary. Bessent provided the enrollment figures and eligibility details at the forum. The pilot program targets newborns in the specified years to provide initial funding for the accounts.
The commitments from companies and philanthropists build on the Treasury's contribution. Michael Dell's pledge represents a significant private sector involvement in the initiative. Additional pledges were announced at the event on Wednesday.
