With tax season upon us, some filers may have questions about how to add new Trump accounts on their federal tax return. Here’s a recap of what’s known about the accounts and a summary of a few unanswered questions:

• Trump accounts are custodial-style traditional IRAs for US-citizen minors. The account is owned by the child but administered by an adult.
• Trump accounts are slated to be available for newborns born between January 1, 2025, and December 31, 2028.
• Launch is July 4, 2026, but one can open an account when they file their 2025 Taxes.
• The Treasury sets up the accounts initially. Rollovers to financial institutions may be available after launch.
• A one-time $1,000 government contribution is offered for American children. Additionally,  individuals, employers, and charities can also contribute up to $5,000 each year.
• There are no withdrawals before age 18. After that, traditional IRA rules apply.

What to do with this information?

Trump accounts may not be appropriate for everyone, but they may be worth exploring. More companies, institutions, and individuals are preparing to match government contributions, which may give eligible children an even stronger financial head start.

If you are concerned about filing your federal taxes due to limited information, check with your tax, legal, or accounting professional. They can provide you with more information. We’re here to help you evaluate how a Trump account can play a role in your overall family finances and long-term financial plan, including how the new account could alter your approach to preparing for college expenses. If you do decide to pursue a Trump account, make sure to use the official Trump Account Sign-Up Page: https://trumpaccounts.gov/

Check out our podcast for our upcoming episode on Trump Accounts including Taylor's experience with signing up for one. Please reach out if you have any questions or want to know how this type of investment vehicle could fit into your specific financial plan and investment strategy.

Sources:

SingerLewak, 2026, "Federal Tax Alert".  https://singerlewak.com/federal-tax-alert-trump-accounts-and-how-to-claim-the-1000-government-contribution/

The Official Trump Accounts webpage. https://trumpaccounts.gov/