Treasury Secretary Scott Bessent says interest in the newly launched Trump accounts is off to a strong start, with hundreds of thousands of families already signing up just days into tax season.
Speaking to CNBC, Bessent revealed that around 600,000 families out of an estimated 25 million eligible households have enrolled since tax filing officially opened on Monday.
“We want all Americans to start signing up,” Bessent said, emphasizing the administration’s push to expand participation nationwide.
Bessent also appeared alongside President Donald Trump at a summit on Wednesday to promote the accounts, formally known as Section 530A accounts, which are designed to help families build long-term savings for children.
How Trump Accounts Work
Beginning this tax season, families filing their 2025 tax returns can open a Trump account directly through the IRS by completing Form 4547. The form includes two key elections:
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One to open the Trump account
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One to request a $1,000 “pilot program” contribution from the federal government
According to the IRS, submitting Form 4547 with an electronically filed tax return is currently the fastest, safest, and easiest way to enroll.
Treasury officials say families who make these elections will be contacted later to complete an account activation and authentication process, which is expected to begin in May.
Why Early Signups Make Sense
Experts say the early surge in enrollments is not surprising, particularly among lower-income households.
“Low-income families, in particular, tend to file early in the tax season because they rely on tax refunds,” said Jason Ewas, associate director at the Aspen Institute Financial Security Program.
He added that expectations of larger refunds this year may also be driving early participation. “There was a lot of talk this year about refunds being bigger, so that seems within the realm of possibility,” Ewas said.
Who Is Eligible for the $1,000 Contribution?
Once activated, Trump accounts provide a one-time $1,000 contribution from the Department of the Treasury for children born between 2025 and 2028. There are no income limits, meaning all eligible families qualify for the seed money.
In addition to the government contribution, some high-profile private donors — including Michael and Susan Dell and Ray Dalio — have pledged additional funds for eligible children. On Wednesday, rapper Nicki Minaj also announced plans to contribute, potentially benefiting her fan base.
Additional Contributions and Employer Matches
Parents, guardians, and others can contribute up to $5,000 per year to a child’s Trump account until the child turns 18. Employers may also contribute up to $2,500 annually within that cap, and several companies have already pledged to match the government’s $1,000 contribution for their employees’ children.
An online enrollment portal, Trumpaccounts.gov, is expected to go live by mid-2026, though contributions through that platform won’t begin until July.
When the Money Can Be Used
Funds in Trump accounts grow tax-deferred and generally cannot be accessed before age 18. Once the child reaches adulthood, the money can be withdrawn without penalty for approved uses, including:
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Higher education
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A first home purchase
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Starting a business
The administration has framed the program as a long-term investment in financial security and economic mobility, with officials urging families to enroll as early as possible.
As tax season continues, Treasury leaders expect participation numbers to climb — especially as awareness of the program spreads and account activation begins later this spring.
