As part of a new White House initiative, millions of Americans will be in line for a $1,000 deposit in the upcoming week. In January, the Trump Accounts, savings accounts meant to help families save money for things like their children's education, were announced. The accounts are open to all U.S. children under 18 who have a valid Social Security number.
The tax-deferred accounts, which are opened and managed by parents or legal guardians, are meant to grow over time with investment earnings and, when a child becomes an adult, will typically function like a traditional IRA.
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Who is eligible for the federal government's $1,000 direct deposit for millions of Americans? Published: Jun. 30, 2026, 7:50a.m.
Donald Trump
During the start of a program called Trump Accounts at the Andrew W., President Donald Trump enters the auditorium. Wednesday, January 28, 2026, in Washington, at the Mellon Auditorium. (AP Photo courtesy of Jose Luis Magana)
As part of a new White House initiative, millions of Americans will be in line for a $1,000 deposit in the upcoming week. In January, the Trump Accounts, savings accounts meant to help families save money for things like their children's education, were announced.
All U.S. children under the age of 18 with a current Social Security number are eligible to open an account. Five things we learned from the residency challenge at Tuberville The tax-deferred accounts, which are opened and managed by parents or legal guardians, are meant to grow over time with investment earnings and, when a child becomes an adult, will typically function like a traditional IRA. The federal government is seeding some accounts with a special $1,000 contribution.
There are no income limits on qualifying for the $1,000, but the contribution is only for children born between Jan. 1, 2025, and Dec. 31, 2028. There are income cutoffs for an additional $250 contribution open to select participants. On that, you can find out more here. Accounts can also be set up for older children but they aren’t eligible for seed money.
The Trump administration has been pushing parents to set up their accounts since they were announced. Parents and other individuals will be able to contribute to the accounts beginning on July 4, and eligible participants will begin receiving $1,000 deposits from the federal government.
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Who is eligible for the federal government's $1,000 direct deposit for millions of Americans? Published: Jun. 29, 2026, 7:50a.m.
Donald Trump
During the start of a program called Trump Accounts at the Andrew W., President Donald Trump enters the auditorium. Wednesday, January 28, 2026, in Washington, at the Mellon Auditorium. (AP Photo courtesy of Jose Luis Magana) From Leada Gore As part of a new White House initiative, millions of Americans will be in line for a $1,000 deposit in the upcoming week. In January, the Trump Accounts, savings accounts meant to help families save money for things like their children's education, were announced.
All U.S. children under the age of 18 with a current Social Security number are eligible to open an account. The tax-deferred accounts, which are opened and managed by parents or legal guardians, are meant to grow over time with investment earnings and, when a child becomes an adult, will typically function like a traditional IRA. The federal government is seeding some accounts with a special $1,000 contribution.
There are no income limits on qualifying for the $1,000, but the contribution is only for children born between Jan. 1, 2025, and Dec. 31, 2028. There are income cutoffs for an additional $250 contribution open to select participants. On that, you can find out more here. Accounts can also be set up for older children but they aren’t eligible for seed money.
The Trump administration has been pushing parents to set up their accounts since they were announced. Starting July 4, parents and others will be able to contribute to the accounts and the $1,000 deposits from the federal government will begin arriving for eligible participants.
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The popular amusement park in the Atlanta area will close on June 27, 2026, at 8:20 a.m. The seed money can only be accessed through an account. You can set up your account at any time of the year or by submitting Form 4547 to the IRS with your taxes. More information about that can be found here. The accounts will be invested in a portfolio of low-cost index funds with contributions from parents and others of up to $5,000 per year. If fully funded and left untouched, it could grow to as much as $1.9 million by age 28, the White House projects.
When the child turns 18, the funds can be used for qualified expenses like starting a business, paying for school, or buying a house without penalty. However, there might be restrictions on withdrawals, and they would be taxed at the same rates as regular income. The funds will transfer to the child’s control when they turn 18.reed more.....
