According to the IRS (Nov. 6, 2026), the Treasury Secretary began automatically enrolling eligible children in Trump Accounts on Oct. 1, 2026. Parents or guardians still must claim and activate the account to manage it, and must separately elect the one-time $1,000 contribution for children who qualify.
Key facts: A child is eligible for a Trump Account with a valid Social Security number if they won't turn 18 before the end of the year the account is set up, the IRS says. · The $1,000 government contribution is for U.S. citizens born Jan. 1, 2025 through Dec. 31, 2028 with valid Social Security numbers. You request it on Form 4547, even if the account was opened automatically. · Claiming happens through the official Trump Accounts app or website. Help is at 866-USA-4547; IRS phone representatives can't claim the account or fix an election for you.
If you have kids under 18, there may be a brokerage account with their name on it that you've never seen. On November 6, 2026, the IRS posted a reminder that starting October 1, the Treasury Secretary automatically enrolled eligible children in Trump Accounts. The catch: the account mostly sits there until a parent or guardian claims it.
Think of it as luggage that came off the plane without you. It exists, it has your kid's name tag on it, and nobody can open it until you show up with ID.
What Got Opened, and for Whom
A Trump Account is a new type of individual retirement account (IRA) for children, created by the 2025 tax law the IRS calls the Working Families Tax Cuts, according to the IRS Trump Accounts page. A child qualifies if they:
- have a valid Social Security number, and
- won't turn 18 before the end of the calendar year the account is established.
The Treasury Department announced on October 1, 2026 that automatic enrollment was complete. Treasury Secretary Scott Bessent said in that release that "over 60 million more eligible children" now have an account ready to be claimed.
The IRS FAQ says Treasury designated BNY (The Bank of New York Mellon) as the program's financial agent, with Robinhood Securities as the brokerage provider and initial trustee.
Claiming Is One Step. The $1,000 Is Another.
Here's the part the bureaucracy split into two forms of paperwork:
- Claim and activate the account. Use the official Trump Accounts app (Apple App Store or Google Play) or website. You verify your identity and your authority over the child's account, then finish the activation steps, per the IRS. Treasury says the process includes reviewing the child's information and accepting the account terms. If the account was opened automatically, you don't need Form 4547 to open it.
- Elect the $1,000 government contribution, if your child qualifies. The IRS says the one-time contribution is for U.S. citizens born January 1, 2025 through December 31, 2028 with valid Social Security numbers. You request it by submitting Form 4547 and choosing the pilot program option, through the app, the website or your IRS Individual Online Account. If you already requested it, you don't need to do it again.
Have ready your own identifying information plus your child's legal name, Social Security number and date of birth. The IRS says these should match Social Security Administration records to avoid delays.
The Fine Print: An automatically opened account can't take birthday money from Grandma yet. Under Treasury's temporary regulations, an auto-opened account can receive only certain general contributions and the $1,000 pilot contribution. Contributions from family or an employer go into the claimed account, and Treasury says the account must be claimed before family, friends and employers can contribute.
If Something Goes Wrong
According to the IRS FAQ:
- A Notice CP318 means you need to take more action to complete or correct an election. Follow the notice's instructions.
- Don't file Form 1040-X to fix Form 4547 information, even if you sent Form 4547 with your tax return.
- IRS phone representatives can't correct your election or help you claim the account. Account help is at 866-USA-4547 (866-872-4547) or the Trump Accounts Help Center.
- Some families may get a letter from Treasury if their child may qualify for the $1,000 contribution.
What This Means for You
This is general education, not advice:
- Check whether an account exists for each child through the official app or website the IRS links to, and claim it if you want to manage it.
- Don't assume the $1,000 is automatic. For eligible children, it takes a separate election.
- Use only the official channels the IRS names: the Trump Accounts app, the Trump Accounts website, or your IRS Individual Online Account.
Have a question about kids' savings accounts or family money? Send it to us, and we may cover it in a future article.
This article is general education, not tax, legal or financial advice. Program rules come from IRS and Treasury guidance and can change; check the official sources for your family's situation.
Sources:
- IRS: Eligible children automatically enrolled in Trump Accounts (Nov. 6, 2026)
- IRS: Here's how to claim Trump Account seed money for your child (Nov. 6, 2026)
- IRS: Trump Accounts
- IRS: Trump Accounts – Frequently asked questions
- U.S. Treasury: Treasury Announces the Completion of Automatic Enrollment for Trump Accounts (Oct. 1, 2026)
- Federal Register: Trump Accounts temporary regulations (Sept. 30, 2026)
Frequently asked questions
If my child was automatically enrolled, do I need to file Form 4547?
Not to open the account, the IRS says. But you must claim and activate it to manage it, and if your child qualifies for the $1,000 government contribution, you must elect it, which is done on Form 4547 through the app, the website or your IRS Individual Online Account.
Is Form 4547 a real IRS form?
Yes. The IRS says Form 4547, Trump Account Election(s), is an official IRS form used to request an account for a child who doesn't have one, or to request the $1,000 contribution.
