What is a Trump Account?

As noted by America’s Credit Unions, a Trump account is a tax-deferred savings account similar to an IRA and a 529 college savings plan for children under the age of 18, and features a pilot program contribution of $1,000 for children born between January 1, 2025 and December 31, 2028 who are U.S. citizens with a valid Social Security number.  The account is in the child’s name, with the parent being the sole custodian until they turn 18.  Deposits of up to $5,000 year can be accepted.

How do I open a Trump Account?

The account has to be opened via the Treasury Department.  And per the IRS website, the account can be opened using the newly-created IRS Form 4547 when filing taxes, or through an online portal that will be available by summer 2026.  These accounts cannot be opened at their financial institution.

Current information suggests that while the accounts will be opened through the IRS, Credit Unions and Banks will be trustees for these accounts.  However, we do not have information yet as to whether we will be able to be a trustee, nor how funds would be transferred to a TVFCU account.

We will share updates as more official guidance becomes available.