The Treasury Department announced on Thursday that the app for managing Trump accounts, a new tax-favored account for children, is now available in major app stores. The IRS separately said that taxpayers can submit Trump account elections and view election status in their IRS Individual Account. (IR 2026-68, 5/28/2026)
The announcements came just over a month before the initial date for contributing to a Trump account.
Getting Started With a Trump Account
The One Big Beautiful Bill Act created Trump accounts, a new type of tax-deferred investment account, under IRC § 530A. Trump accounts are structured like traditional individual retirement accounts, but with special rules for contributions, investments, distributions, and reporting.
Accounts may only be opened for a child under 18 and are intended to encourage long-term savings. Trump accounts will transition into traditional IRAs on January 1 of the year the accountholder turns 18. From that point, normal rules for traditional IRAs will apply.
Parents, guardians, and other individuals seeking to establish a Trump account for an eligible child can do so by submitting Form 4547, Trump Account Election(s). The IRS said the form can be submitted with a parent’s or guardian’s tax return or through that person’s IRS Individual Account.
Taxpayers can now view the status of their Trump account election in their online account, the IRS shared on May 28. “Taxpayers benefit from greater transparency through real-time visibility into the Trump Account election process,” said the agency.
Contributions may come from a variety of sources, including the child’s family members, their family members’ employers, government entities, and charitable organizations. Importantly, for children born in 2025 through 2028, the federal government will make a one-time $1,000 contribution.
Trump Account App Now Available
While parents, guardians, and other individuals have been able to apply to open a Trump account for an eligible child, contributions to these accounts cannot be made until July 4, 2026. The $1,000 pilot contribution for children born from 2025 through 2028 also will not be deposited until July 4.
Ahead of the contribution start date, Treasury released the Trump account app in the Apple App Store and Google Play on May 28. Treasury Secretary Scott Bessent said the app “will place the American dream into the palms of the hands of parents and children.”
Speaking during a White House press briefing on May 28, Bessent said nearly 6 million children have been signed up for Trump accounts.
Parents and guardians who have already signed up a child for a Trump account by submitting Form 4547 should receive instructions by email on completing the account setup process, Treasury said.
Activation emails will be sent out “in phases” ahead of July 4, according to Treasury. The agency cautioned parents and guardians to be wary of scams. Activation instructions will only be sent via email from no-reply@TrumpAccounts.Treasury.gov, and Treasury will not reach out via phone or text message.
Parents and guardians should follow instructions in the email to set up and activate a child’s Trump account, said Treasury. Accounts can be activated in the newly released app or by visiting TrumpAccounts.gov.
Improving Financial Literacy
Bessent said he expects Trump accounts to be “one of the greatest real-time financial literacy educations in history,” during the May 28 White House press briefing. He noted that currently, 38% of Americans have no exposure to equities.
With the new app, families will be able to check the status of their Trump account investments on their phone. Bessent said this will “drive people to try to understand what they’ve got” and “create a generation of shareholders.”
Bessent also shared that the app includes six “learning pods” aimed at increasing users’ financial literacy.
For more on Trump accounts, see Checkpoint’s Federal Tax Coordinator 2d ¶ A-4650.
Take your tax and accounting research to the next level with Checkpoint Edge and CoCounsel. Get instant access to AI-assisted research, expert-approved answers, and cutting-edge tools like Advisory Maps and State Charts. Try it today and transform the way you work! Subscribe now and discover a smarter way to find answers.
