{"id":40601,"date":"2026-01-28T16:50:25","date_gmt":"2026-01-28T16:50:25","guid":{"rendered":"https:\/\/financialrush.com\/?p=40601"},"modified":"2026-01-28T16:50:25","modified_gmt":"2026-01-28T16:50:25","slug":"600000-families-have-already-applied-for-trump-accounts","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=40601","title":{"rendered":"600,000 families have already applied for Trump accounts"},"content":{"rendered":"

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Treasury Secretary Scott Bessent said\u00a0“600,000 families out of an estimated 25 million” have already signed up for Trump accounts<\/a> since the official start of tax season<\/a> on Monday.\u00a0<\/p>\n

“We want all Americans to start signing up,” he said in an interview with CNBC. Bessent also attended a summit on Wednesday with President\u00a0Donald Trump<\/a>\u00a0to promote Trump accounts, also known as Section 530A accounts.<\/p>\n

As of Monday<\/a>, when tax filers file their 2025 tax return, they can open a Trump account<\/a> by making elections on IRS Form 4547<\/a>. There are two elections: one to open the account and one to receive the $1,000 “pilot program contribution.”\u00a0 <\/p>\n

“Low-income families, in particular, tend to file early in the tax season because they rely on tax refunds,” said Jason Ewas, associate director at the Aspen Institute Financial Security Program, a nonprofit forum. <\/p>\n

“There was a lot of talk this year about refunds being bigger, so that seems within the realm of possibility,” he said of Bessent’s signup figure.<\/p>\n

Families can also enroll through an online tool on Trumpaccounts.gov<\/a>, which is expected to be available<\/a> by the middle of 2026. However, contributions won’t begin until July.\u00a0<\/p>\n<\/div>\n

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The “fastest, safest, and easiest way to make [Trump account] elections” is through Form 4547 with your current-year e-filed tax return, the IRS said in instructions<\/a> released in December.\u00a0\u00a0\u00a0\u00a0<\/p>\n

After making the elections, the Treasury will contact applicants to activate accounts through an “authentication process,” according to Treasury guidance<\/a> from December. That process will begin in May.<\/p>\n

Once Trump accounts are open, children born in 2025 through 2028 may receive a\u00a0one-time $1,000<\/a>\u00a0contribution from the\u00a0Department of the Treasury<\/a>. There are no income requirements, and everyone is eligible for the Treasury’s seed money.<\/p>\n<\/div>\n

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Read more CNBC personal finance coverage<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Other “free money” may also be available for eligible children of varying ages from billionaires such as\u00a0Michael and Susan Dell<\/a>\u00a0and\u00a0Ray Dalio<\/a>.<\/p>\n

Parents, guardians and others can also contribute up to $5,000 annually until children turn 18 years old. Employers can deposit $2,500 as part of that limit, and several companies have already promised to match the Treasury’s $1,000<\/a> for workers.\u00a0<\/p>\n

Also on Wednesday, rap artist\u00a0Nicki Minaj<\/a> pledged a contribution, which could benefit her fans.<\/p>\n

Trump accounts grow tax-deferred and generally can’t be tapped until age 18. But once the child turns 18, funds could be used without penalty for qualified expenses like education, a first home purchase or starting a business.\u00a0 \u00a0 <\/p>\n

This is a developing story. Please check back for updates.<\/em><\/p>\n<\/div>\n<\/div>\n\n
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