23 Jul 2026 How To Set Up a Trump Account
Trump Accounts are officially available to be opened and contributed to as of July 4, 2026. As a recent new parent, I wanted to look into what I would need to do to open one personally. I decided it would be helpful to document the process as a step-by-step guide to opening an account.
The headline benefit is the $1,000 contribution from the U.S. Treasury for children born between January 1, 2025 and December 31, 2028. If you have children that fall into this range, I see no reason not to open an account. If you don’t have a child in this window, there are some further considerations to see if it makes sense to open one and contribute. As always, Beacon is here to help you think through what is best for your specific situation.
Getting Started
The good news is that it is an easy process to open an account! My actual time spent on it was under 15 minutes from start to finish (with some additional time waiting for it to be processed). You can navigate here for the official website, but it will lead you to download an app to get started.
To get started you will need:
- Your personal information (DOB, address, SSN, etc.)
- Your child’s information (DOB and SSN)
- A valid email address and phone number (both have to be verified)
- Your government-issued ID
With these items, you will create a login and proceed to the next step.
IRS Form 4547 and Verifying Your Identity
This step has the potential to cause confusion. To make an election for a Trump Account, you have to complete IRS Form 4547. Some accountants proactively worked with their clients to file this form when they filed for 2025. If you did, this part should already be processed once you verify your information and you should not need to submit it again.
If you have not filed IRS Form 4547 yet, you are able to do that fully through the app. It will again ask for your information and then you will submit the form to be processed. It says it can take 1-3 business days to process before you can proceed, but in my experience, it took a little over an hour. I received an email that the account was activated.
The last piece will be to verify your identity by uploading a photo of your government-issued ID. While this part is quick, note that it did require a selfie to ‘prove’ that I matched my ID. It took a few minutes to process and then confirmed that I am who I said I am.
Finish Account Step
After having IRS Form 4547 processed and verifying my identity, my Trump Account election was approved, and I could complete account setup. While everything up to now was quick, it does note that the contribution from the U.S. Treasury could take up to 4 weeks (must be going snail mail!). While there is no balance yet, you will now have the ability to make a contribution (via debit card or bank connection) or share a link for anyone else to contribute.
At this point in time, contributions will be automatically invested into State Street SPDR Portfolio ETF (an index that tracks the S&P 500) and you must keep the account where it is held. It is expected that in the future you will be able to rollover the account to Schwab (or other custodians) and there will also be additional investment options. For now, if you are like me, you will be able to tell your 3-month-old that she is invested in a broadly diversified index fund. I am certain she will be interested in that conversation!
While Beacon cannot open these accounts on our client’s behalf at this time, we are always happy to discuss how Trump Accounts might fit into your financial plan.
The content above is for informational and educational purposes only. The links and graphs are being provided as a convenience; they do not constitute an endorsement or an approval by Beacon Wealthcare, nor does Beacon guarantee the accuracy of the information.
