Treasury Launches Trump Accounts App as IRS Adds Online Tools for $1,000 Child Deposits
Updated
Updated · Accounting Today · May 28
Treasury Launches Trump Accounts App as IRS Adds Online Tools for $1,000 Child Deposits
3 articles · Updated · Accounting Today · May 28
Summary
$1,000 government deposits for eligible children will begin July 4, when Treasury starts activating Trump accounts through a new mobile app for families with children born from Jan. 1, 2025 to Dec. 31, 2028.
The tax-deferred accounts, created by last year's One Big Beautiful Bill Act, can also start receiving contributions from parents, relatives, employers and other eligible contributors on July 4, subject to annual limits.
IRS online taxpayer accounts now let users view and submit Trump account elections, extending the rollout beyond the Treasury app and making account setup and management digital.
Treasury warned of scam risks during the launch, saying activation emails will come only from no-reply@TrumpAccounts.Treasury.gov and that it will not contact parents by text or phone.