Trump signups surpass 6 million: millions more kids eligible to join

X Facebook WhatsApp

More than 6 million American children are now listed on newly created Trump Accounts, the U.S. Treasury reported in a mid-June update, leaving millions more eligible as the program nears its official July 4 rollout. The numbers matter because the accounts promise early, tax-favored saving — and a one-time $1,000 pilot deposit for newborns — benefits that could shift long-term financial prospects for families if enrollment expands.

Where the program stands

Parents and guardians have already been able to open accounts by submitting IRS Form 4547 with their 2025 tax return or by registering at TrumpAccounts.gov, and Treasury’s mid-June figures show a rapid early uptake. Still, participation falls well short of the pool of children who could qualify: the Census Bureau counted about 73.1 million people under 18 in the U.S. in 2024, leaving substantial room for growth.

Of the accounts opened so far, Treasury data indicate roughly 1.4 million will receive the program’s $1,000 pilot contribution. That figure represents only a portion of infants who could be eligible based on annual birth rates, suggesting many newborns remain unenrolled.

Who can get an account — and the $1,000 seed

Any U.S. child under 18 with a Social Security number is eligible to have a Trump Account. The Treasury plans to deposit a one-time $1,000 pilot payment for children born between 2025 and 2028, provided an account is opened and eligibility is confirmed.

Additional funding sources could increase balances for some families. For example, Michael and Susan Dell have committed $6.25 billion to provide an extra $250 for children born from 2016 through 2024 who live in ZIP codes where median income is $150,000 or less. Philanthropic contributions and local initiatives were encouraged by Treasury officials as part of an effort to seed accounts nationwide.

Eligibility: Any U.S. child under 18 with an SSN.

Seed deposit: $1,000 for babies born 2025–2028 (one-time pilot payment).

Additional gifts: Family, friends, employers and some philanthropies can contribute.

Tax treatment: Accounts grow tax-deferred, but pretax amounts will be taxed as ordinary income at withdrawal; withdrawals before age 59½ may face a 10% penalty.

How to sign up: File IRS Form 4547 with your 2025 return or register at TrumpAccounts.gov.

Why many eligible children remain off the rolls

Enrollment is voluntary — families must actively opt in — and that design appears to limit reach, particularly among those least likely to file taxes or navigate new paperwork. Madeline Brown, a senior policy associate at the Urban Institute, notes the current figures cover only about 39% of children eligible for the pilot deposit, leaving more than half of those newborns unenrolled.

Critics of the opt-in approach say it privileges households with higher financial literacy or more time to manage forms. Adam Michel of the Cato Institute warned in a June policy brief that complexity and filing requirements could skew participation toward people already well-positioned to take advantage of the accounts.

At the same time, Treasury’s own data show most accounts opened so far are linked to families reporting incomes under $200,000 — about 86% — but experts say that doesn’t prove broad low-income uptake. Brown points out that nearly all households with children (about 95%) report incomes below $200,000, so the early signups still suggest higher-income families may be overrepresented.

Practical trade-offs for families

Financial advisers generally recommend claiming any available seed funds, because starting a tax-favored account earlier magnifies the effect of long-term compounding. “Many people don’t begin saving until their 20s or 30s and miss decades of growth,” said Adam Bergman, founder of IRA Financial.

But the accounts are not one-size-fits-all. They will likely contain a mix of pretax and after-tax dollars, meaning withdrawals of pretax contributions will be taxed as ordinary income. Early withdrawals may trigger both taxes and penalties, a feature that could deter families without emergency savings or with lower financial flexibility.

What to watch next

With the program’s formal start date approaching, key indicators to monitor include whether enrollment accelerates, how many newborns receive the pilot deposit, and whether state and philanthropic seeding efforts gain traction. Policy analysts continue to debate whether automatic enrollment would be necessary to reach the families who could benefit most.

For now, the decision to sign up is a personal one for families weighing immediate paperwork against potential long-term gains. As enrollment grows, the balance between access, simplicity and the program’s intended redistribution of opportunity will shape how widely its benefits are felt.