Anyone eligible for a Trump Account is essentially a minor child in the U.S. who meets specific age, ID, and status rules, plus some timing requirements tied to when the account is opened.

What is a Trump Account?

Trump Accounts are tax‑advantaged savings accounts created by the One Big Beautiful Bill Act to help families save and invest for their children’s future, in a way that’s somewhat similar in concept to an IRA but designed specifically for minors. They are administered through the U.S. Treasury and IRS, with special contribution and distribution rules and a standard annual contribution cap of 5,000 dollars from all sources combined.

Who Is Eligible for a Trump Account?

In plain terms, the eligible beneficiary is the child for whom the Trump Account is opened. Current guidance and explainer pieces lay out several core criteria:

  • The child must be under age 18 for the entire calendar year in which the Trump Account election is made.
  • The child must have a valid Social Security number issued before the election to establish the Trump Account is made.
  • The child must be a U.S. citizen (the IRS guidance and opening forms require citizenship status and are framed as accounts for U.S. citizen children).
  • Only one Trump Account per eligible beneficiary is allowed.

Within that, there are two main “tiers” of eligible minors:

  1. Children who qualify for the 1,000‑dollar pilot contribution
    • Many summaries note that babies born in specified years (for example, babies born on or after a certain 2020s cutoff date) can receive a one‑time 1,000‑dollar government “pilot program” deposit when the account is opened, provided all eligibility rules are met.
 * To get this pilot deposit, the child must fit the IRS’s definition of an “eligible child” under the pilot program rules and the authorized adult must elect both the account and the pilot contribution on the proper form.
  1. Older minors (still under 18) who do not qualify for the 1,000‑dollar pilot
    • Children who are still under 18 and have a Social Security number can also have Trump Accounts, but in many outlines they simply aren’t eligible for the initial 1,000‑dollar government contribution if they fall outside the designated birth‑year window.

Put simply: if a child is a U.S. citizen, has a Social Security number issued before the account election, is under 18 at year‑end, and doesn’t already have a Trump Account, that child is generally eligible to be the beneficiary of one.

Who Can Open the Account?

There is a distinction between the eligible child and the authorized individual who actually sets up the account.

  • In the standard (non‑pilot) rules, the authorized individual must be, in order of priority:
    1. Legal guardian or parent
    2. Adult sibling
    3. Grandparent
      and a lower‑priority person cannot open the account if a higher‑priority person is available and eligible.
  • In the special pilot program context, the account may be opened by anyone for whom the child is expected to be a “qualifying child” under Internal Revenue Code section 152(c) for that tax year (generally, the person who can claim the child as a dependent).
  • Practically, most consumer‑facing explainers say that parents or guardians open the Trump Account through the IRS by filing the new Form 4547 with their 2025 tax return or through an online Treasury/IRS portal once available.

Who Can Contribute Money?

Once an eligible child has a Trump Account, the beneficiary pool is fixed at that one child , but the contributor pool is broad.

  • Federal government : For qualifying children in the pilot program, Treasury can deposit a one‑time 1,000 dollars seed contribution.
  • Parents, guardians, or family members : They can put money into the account, subject to the annual 5,000‑dollar overall contribution limit per child (combined across all sources).
  • Other individuals : “Anyone” may contribute on behalf of the child within that same 5,000‑dollar annual cap.
  • Employers : Under new section 128 contribution programs, employers can contribute up to 2,500 dollars per year, tax‑free to the employee, counted within the same 5,000‑dollar overall annual cap per beneficiary.

Some philanthropic or corporate initiatives (for example, private donors offering extra seed contributions for children under certain ages in lower‑income areas) are being layered on top of the federal program, but they still must respect the statutory contribution caps.

How and When Do You Open One?

While your question is “who is eligible,” today’s rules tie eligibility tightly to the opening process and timing.

  • The initial wave of Trump Accounts is tied to 2025 tax filings , where an authorized individual files Form 4547, Trump Account Election(s) either with their 2025 federal tax return or separately through an IRS/Treasury online portal expected around mid‑2026.
  • The election must be made before December 31 of the year before the child turns 18 (that is, by the end of the calendar year preceding the 18th birthday year).
  • Only one account can ever be established for a given child as the eligible beneficiary; rollovers are allowed between Trump Accounts and certain other qualifying accounts, but they don’t create “extra” accounts for eligibility purposes.

Simple Example

  • A 6‑year‑old U.S. citizen living in the U.S., with a Social Security number issued at birth, whose parent claims them as a dependent, is clearly eligible to be a Trump Account beneficiary.
  • The parent files Form 4547 with their 2025 return or through the online portal, elects the account for the child, and—if the child’s birth year falls within the pilot window—elects the 1,000‑dollar pilot contribution as well.

Quick FAQ Style Recap

  • Q: Who is the eligible person for a Trump Account?
    A: A U.S. citizen child under 18 for the entire year, with a Social Security number issued before the election, and who does not already have a Trump Account.
  • Q: Can a 17‑year‑old get one?
    A: Yes, as long as they are still under 18 at the end of that year and meet the ID and citizenship requirements, but they may not qualify for the 1,000‑dollar initial government deposit if outside the pilot birth‑year window.
  • Q: Who actually opens it?
    A: Usually a parent or legal guardian; in some cases, an adult sibling or grandparent, and in pilot cases, any person who can claim the child as a qualifying child.
  • Q: Who can put money in?
    A: Government (for qualifying pilot kids), parents, relatives, other individuals, and employers, with a total cap of 5,000 dollars per child per year (and a 2,500‑dollar employer sub‑limit).

Information gathered from public forums or data available on the internet and portrayed here.