Trump Accounts: How parents claim their child’s $1,000 seed money

By Eric Revell | Fox Business

Tens of millions of tax-advantaged Trump Accounts have been created for American children, with many created automatically, which will require parents and guardians to claim the account for a given child.

Trump Accounts are investment accounts created for children under the age of 18, which include a one-time $1,000 contribution from the federal government for citizens born between Jan. 1, 2025, and Dec. 31, 2028. Some additional seed from private donors is available to children of specific ages.

The Treasury Department said in early October that nearly 70 million Trump Accounts have been created since the program officially launched on July 4, including over 60 million that were created through an automatic enrollment process.

While accounts have been created for eligible children under the age of 18, parents and guardians who serve as the account custodians still have to go through the process of claiming the account to manage it and receive the seed contribution.

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