U.S. Treasury Will Automatically Open Trump Accounts for Children

Starting Oct. 1, the U.S. Treasury will create Trump Accounts automatically for eligible children, with as many as 60 million accounts possible. The temporary rules take effect Sept. 30. Until then, a parent or guardian generally had to start the process for a child.

The accounts are tax-deferred. U.S. citizens born from Jan. 1, 2025, through Dec. 31, 2028, qualify for a $1,000 government contribution. Children born outside that window can still have an account before turning 18, but they do not receive that payment. Friends, relatives and employers may add up to $5,000 each year.

Treasury estimates automatic enrollment will add roughly 2 million accounts to each birth-year group and make contributions more attractive to donors. That could affect families in Simi Valley by removing an enrollment task in most cases, including for households less familiar with tax procedures or without much time to complete a separate form. The new structure follows public comments supporting enrollment through information from tax returns, Social Security Administration records and other sources.