Treasury Secretary Scott Bessent said “600,000 families out of an estimated 25 million” have already signed up for Trump accounts since the official start of tax season on Monday.
“We want all Americans to start signing up,” he said in an interview with CNBC. Bessent also attended a summit on Wednesday with President Donald Trump to promote Trump accounts, also known as Section 530A accounts.
As of Monday, when tax filers file their 2025 tax return, they can open a Trump account by making elections on IRS Form 4547. There are two elections: one to open the account and one to receive the $1,000 “pilot program contribution.”
“Low-income families, in particular, tend to file early in the tax season because they rely on tax refunds,” said Jason Ewas, associate director at the Aspen Institute Financial Security Program, a nonprofit forum.
“There was a lot of talk this year about refunds being bigger, so that seems within the realm of possibility,” he said of Bessent’s signup figure.
Families can also enroll through an online tool on Trumpaccounts.gov, which is expected to be available by the middle of 2026. However, contributions won’t begin until July.
The “fastest, safest, and easiest way to make [Trump account] elections” is through Form 4547 with your current-year e-filed tax return, the IRS said in instructions released in December.
After making the elections, the Treasury will contact applicants to activate accounts through an “authentication process,” according to Treasury guidance from December. That process will begin in May.
Once Trump accounts are open, children born in 2025 through 2028 may receive a one-time $1,000 contribution from the Department of the Treasury. There are no income requirements, and everyone is eligible for the Treasury’s seed money.
Other “free money” may also be available for eligible children of varying ages from billionaires such as Michael and Susan Dell and Ray Dalio.
Parents, guardians and others can also contribute up to $5,000 annually until children turn 18 years old. Employers can deposit $2,500 as part of that limit, and several companies have already promised to match the Treasury’s $1,000 for workers.
Also on Wednesday, rap artist Nicki Minaj pledged a contribution, which could benefit her fans.
Trump accounts grow tax-deferred and generally can’t be tapped until age 18. But once the child turns 18, funds could be used without penalty for qualified expenses like education, a first home purchase or starting a business.
This is a developing story. Please check back for updates.