The IRS reports that more than 4 million children are already signed up for the new Trump Accounts. So far, over 1 million of these accounts have received the program’s $1,000 federal pilot contribution. These figures suggest that families are beginning to use the tax-advantaged accounts created by last year’s One Big Beautiful Bill when they file their taxes.  

The pilot contribution is available for eligible children born from 2025 to 2028, as long as they meet certain requirements like US citizenship and having a valid Social Security number. To participate, families need to submit Form 4547 with their tax return, a process the IRS has tried to make easier. “Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It’s that simple,” said IRS Chief Executive Officer Frank J. Bisignano. 

These accounts are a new type of individual retirement account for minors. Family members, employers, and others can contribute to them, up to yearly limits. The pilot contribution is only the first federal deposit, and more funding options will become available in July 2026. 

Early participation shows that people are quickly learning about and using the program.