Trump Accounts are a new type of individual retirement account (IRA) for eligible children created by the Working Families Tax Cuts Act. Eligible children (generally U.S. citizens born on or after Jan. 1, 2025, and under age 18 in the year the election is made) can have a Trump Account established on their behalf by election (generally by a parent or guardian). The federal government will make a one‑time $1,000 pilot contribution to each eligible child’s account (for those born Jan. 1, 2025–Dec. 31, 2028, and for whom an election is made). Additional contributions may come from parents/friends/philanthropies/states (aggregate limit generally $5,000/year, indexed after 2027), and employers may contribute up to $2,500/year (counting toward the $5,000 limit) under employer programs; contributions and rollovers follow IRA rules. Trump Account funds must be invested in certain mutual funds or ETFs that track the S&P 500 or similar primarily-U.S. equity indexes, and amounts generally cannot be withdrawn before the calendar year the child turns 18; after that the account is generally treated like a traditional IRA.
Establishing a Trump Account requires an election—generally made by a parent or guardian—so accounts are not automatically opened without that election; the IRS has posted a draft Form 4547 that will be used to make the election/enroll in the pilot. Trustees and prospective trustees are addressed in Treasury/IRS guidance; the IRS and Treasury will publish regulations and provide forms and procedures for account administration (trustees/service providers will operate accounts under IRA rules).
Fees and ownership: Treasury/IRS guidance treats Trump Accounts as a type of IRA—so custodial/trustee fees may apply depending on the chosen provider; specific fee caps are not set in the initial guidance. Tax treatment: Trump Accounts are tax‑favored IRAs—investment growth is tax‑deferred while the account is restricted; after the account is treated as a traditional IRA (post‑18) normal IRA tax rules and distribution rules apply. Ownership/guardianship: accounts are established for the child (beneficiary); a parent/guardian makes the election and typically will act through the trustee/custodian until the child reaches the age when the account converts to standard IRA rules; withdrawals are generally prohibited before Jan. 1 of the year the child turns 18. For unresolved or detailed questions (custodial rules, fee schedules, specific tax consequences of certain distributions/rollovers), Treasury and the IRS have requested comments and will issue regulations.
The Financial Literacy and Education Commission (FLEC) is an interagency body established by the Fair and Accurate Credit Transactions Act of 2003 to coordinate federal financial education efforts and produce a national strategy. It is chaired by the Secretary of the Treasury (vice‑chair is the CFPB Director) and includes heads of roughly two dozen federal agencies, including Treasury, CFPB, OCC, NCUA, FDIC, SEC, IRS, Social Security Administration, Department of Labor, HUD, Department of Education, FEMA, SBA, Federal Reserve Board, and others; Treasury’s Office of Consumer Policy coordinates FLEC.
The RFI (Request for Information) to inform FLEC’s update to the U.S. National Strategy for Financial Literacy is published in the Federal Register (Dept. of the Treasury RFI; docket/data in the Feb. 3, 2026 Federal Register entry). The Federal Register notice gives the RFI text and submission instructions; public comments are due by April 6, 2026. Comments can be submitted per the Federal Register notice (instructions in that notice) and via the Regulations.gov docket referenced in the Federal Register. The Treasury FLEC page and the Federal Register notice link to the RFI text and submission portal.
Timeline: Contributions to Trump Accounts cannot be made before July 4, 2026 (per IRS guidance). The $1,000 pilot deposit applies to eligible children born Jan. 1, 2025–Dec. 31, 2028 for whom an election is made. The FLEC has published the RFI with a public comment deadline of April 6, 2026; FLEC said it plans to update the U.S. National Strategy for Financial Literacy during the coming year (no firm publication date for the updated Strategy has been published yet).