Brad Gerstner, Founder, Chairman and CEO of Altimeter Capital, discusses the benefits of Trump accounts for children on ‘Mornings with Maria.’
The Internal Revenue Service (IRS) said on Tuesday that more than four million children have been enrolled in newly created Trump accounts, a major part of the administration’s savings initiative.
Additionally, the IRS said more than one million children are eligible for $1,000 Trump Account Pilot Program contributions.
The Trump accounts were created last year under the “One Big Beautiful Bill Act,” and contributions can begin as early as July 4, 2026.
IRS Chief Executive Officer Frank J. “The IRS is working closely with the Treasury Department to make the election process as simple and easy as possible by allowing taxpayers to complete a one-page form when filing their tax returns,” Bisignano said in a statement. “Families with an eligible child born between 2025 and 2028 simply check the box on the form to stake their claim for the $1,000 contribution. It’s that simple.”
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Screenshot of the Trump accounts homepage. (white House)
According to the IRS, the new data is based on how many Forms 4547, “Trump Account Election,” have been submitted so far with individual tax returns.
To create a Trump account and enroll in the pilot program with their 2025 tax return, parents can fill out IRS Form 4547.
The accounts will be available to every American child born between January 1, 2025, and December 31, 2028, and will include an initial contribution of $1,000 invested in an index fund. These can be made for anyone who has not turned 18 before the end of the calendar year in which the election occurs and has a valid Social Security number.
Each account is in the child’s name and is controlled by a parent until the child reaches the age of 18.
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President Donald Trump speaks on stage at Worst Logistics in Hebron, Kentucky on March 11, 2026. (Andrew Harnick/Getty Images/Getty Images)
Although no contributions are required, up to $5,000 per year can be deposited into accounts.
The U.S. Treasury previously estimated that significant savings could accumulate in Trump accounts if families maximize contributions and allow the money to grow.
For example, a fully funded account can reach $1.9 million by age 28, according to the Treasury’s Office of Tax Analysis. At the lower end of the projected return, the account could still yield about $600,000 over the same period.
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President Donald Trump speaks during the Trump Accounts Launch Summit on Wednesday, Jan. 28, 2026, in Washington, DC. (Valerie Plesh/Bloomberg via Getty Images/Getty Images)
Without additional contributions from the federal government beyond the initial $1,000 deposit, it is estimated that the account could grow to between $3,000 and $13,800 over 18 years.
According to the IRS, children can receive contributions from parents, relatives, friends, employers, state governments and charitable organizations.
Since the Trump accounts were first unveiled, several major companies have expressed support for the initiative and announced plans to match the government’s $1,000 contribution for children of eligible employees.
Treasury Secretary Scott Besant speaks during the Trump Accounts Launch Summit on January 28 in Washington, DC. (Valerie Plesh/Bloomberg via Getty Images/Getty Images)
More information about Trump accounts can be found here trumpaccounts.gov.
Fox Business has contacted the White House for comment.
Fox Business’ Amanda Macias and Emma Colton contributed to this report.
