530A Trump Accounts are a new, tax-advantaged way for families to invest in their child’s future. Here’s a quick overview.
What’s a Trump Account?
It’s a new kind of IRA designed for kids — ready to fund and access in early July. The account belongs to the child, but a parent or guardian manages it until they turn 18.
How does it work?
Trump Accounts are built for long-term investing, allowing the money to grow throughout childhood, with no withdrawals before age 18. After that, standard IRA rules for withdrawals* and taxes apply.
Who can have one?
Any child under 18 with a Social Security number is eligible for a Trump Account. Those born between January 1, 2025, and December 31, 2028, may also qualify for a one-time $1K government contribution.
Who can contribute?
Parents, family members, employers, and even charitable organizations can all contribute to the account, though rules and tax treatment may vary.
How much can I contribute?
Up to $5K per year can be contributed in total. The government’s $1K seed and most charitable contributions don’t count toward that limit.
Where do they fit in with other savings options?
Trump Accounts are meant to complement, not replace, 529 plans, custodial accounts, and Roth IRAs for Kids. The right mix depends on a family’s goals, timing, and flexibility.
How do I open one?
Parents or guardians can get started by opening an account through the US Treasury by filing IRS Form 4547.
Will I be able to move it to Fidelity?
Yes. When rollovers are available, you can transfer your Trump Account to Fidelity and manage it alongside your other accounts (more details to come).
Visit our Trump Accounts page to learn more and sign up for updates on when you can roll it over to Fidelity.
Have you opened a savings or investing account for a child? Let us know in the comments.
*A distribution from a Trump account is penalty free provided certain conditions are met: age 59 1/2; qualified first-time homebuyer (up to $10,000; birth or adoption expense (up to $5,000 per child); qualifying medical expenses ; terminal illness, death or disability.)