The passage of the One Big Beautiful Bill Act created Trump Accounts, and with the Trump Account App now making its debut, questions are pouring in. At LattaHarris, we have the answers for you.

What is the Trump Account?

A Trump Account is a new type of tax-deferred investment account that’s only intended for children under 18. These are similar to traditional retirement accountants that are meant to be created for children, and then turned to traditional IRAs after they turn 18.

You can establish a Trump Account by submitting a 4547 Form, with a parent or guardian’s tax return or IRS Individual Account. Through the Trump Account App, individuals can view their status in their online account.

Contributions for the account can come from multiple sources like the child’s family members, their family members’ employers, government entities, and charitable organizations. These contributions cannot be made until July 4th, 2026. The federal government will also make a one-time contribution of a $1,000 for children born between 2025 and 2028. This one time contribution won’t be deposited until July 4th, 2026 as well.

Take Advantage of the Trump Account App.

The Trump Account App became available to download in the Apple App Store and Google Play on May 28th. The app allows individuals to check the status of their investments, as well as offering learning pods to increase users’ financial literacy. This comes in great timing as Treasury Secretary Scott Bessent stated that nearly 6 million children have signed up for the Trump Accounts.

After July 4th, individuals that signed up for the Trump Account will recieve an email with instructions on how to complete the account setup. Individuals are told to be wary of scams as these instructions will only come from an email listed as “no-reply@TrumpAccounts.Treasury.gov.” Accounts can be activated through the new app, or by visiting TrumpAccounts.gov.

To learn more, call your local LattaHarris firm to learn how you can take full advantage of this opportunity.