530A accounts, also known as "Trump Accounts”, are a new type of investment account for children that is managed by their parents or guardians. Some children will qualify for an initial $1,000 government deposit, and additional contributions can be made over the life of the account. Generally, withdrawals cannot be made until the child turns 18.
Any minor child under 18 with a Social Security number valid for employment will qualify to open an account. To qualify for the $1000 government deposit, the child must have been:
Born after December 31, 2024, but before January 1, 2029
Be a U.S. citizen with a valid Social Security Number
Some of the details on how to open and manage these accounts are not yet available, but generally, if you have a qualifying child and want to open an account, you can:
Submit Form 4547 while e-filing your 2025 federal tax return, starting as early as the start of tax season, or wait until the middle of 2026 and open an account at trumpaccounts.gov
As with any investment, it’s always good to talk through your plans with an expert. If you are working with our tax experts and have questions, please ask! Many of our partners provide other financial services in addition to tax preparation and may be able to answer your questions.