How to claim your child’s Trump Account after Treasury auto-enrolls millions of kids
Trump announces auto-enrollment of millions of kids in Trump Accounts
Parents or guardians must first claim the accounts before they can add or receive any funds.
On Wednesday, President Donald Trump celebrated the automatic enrollment of millions of eligible children to his "Trump Accounts."
What they're saying:
"If all goes well, which I think it will, they'll end up being quite rich by the time they're 18, and then 21, and as time goes by," Trump said from the Oval Office. "This money is your child's future. And when you were a child in the old days, your child would hit 18 and there's nothing."
US President Donald Trump, from left, Susan Dell, wife of Michael Dell, and Michael Dell, chairman and chief executive officer of Dell Inc., during an announcement on Trump Accounts in the Oval Office of the White House in Washington, DC, US, on Wedn
Auto-enrolled in Trump Accounts
Dig deeper:
The Treasury will be able to create an account for eligible children without their parent or other authorized person’s consent.
The rules call for auto accounts to be created for children who do not already have Trump Accounts.
The Treasury said the new system will broaden participation while simultaneously protecting taxpayer information.
Under the new structure, the Treasury will establish a separate account for each eligible child it identifies using authorized government information.
Assets associated with automatically created accounts will be invested collectively through a master group trust, while separate records will be maintained for each child's account.
By the numbers:
The department estimates the regulations will affect roughly 73 million children in about 44 million families and result in more than 60 million additional children having Trump Accounts in 2026.
Auto-enrollment does not mean automatic $1000
The distinction between automatic account creation and the government's $1,000 contribution is significant.
Automatic enrollment alone does not qualify a child for the federal payment.
Why you should care:
The $1,000 pilot program applies to qualifying children born from 2025 through 2028, but an eligible person must separately make the required election for a child to receive the government contribution.
Parents and guardians will also need to claim an automatically established account before it can receive other permitted contributions from sources such as family members or employers.
A person seeking to claim an account must authenticate their identity, demonstrate legal authority to act on behalf of the child and provide required information to the Treasury.
How to claim your account
What you can do:
To claim your account, you must download the official Trump Accounts app, according to the Trump Accounts website.
During the process, you will verify your own identity, as well as the child, and confirm your relationship with the child.
Once the account is claimed, and your child is eligible, you can claim the one-time $1,000 seed contribution from the Treasury.
Trump Accounts
The backstory:
The Trump Accounts were officially launched on July 4.
These special investment accounts can be opened by parents of children who were born during President Donald Trump’s second term. Those children will be eligible to receive the $1,000 bonus.
That money — and anything else deposited by employers, philanthropies and relatives — is invested in the stock market by private firms. Children can’t access the money until they turn 18, and then only for specific purposes, like paying for a home or school.
The Source: Information for this article was taken from FOX Business and information from the Trump Accounts website. Previous reporting by The Associated Press and LiveNOW from FOX also contributed. This storyw as reported from San Jose.