IRS CEO Frank Bisignano stated on Friday that as many as 25 million Trump Accounts could be funded by mid-October. His remarks came after the U.S. Department of the Treasury announced Thursday that more than 60 million American children under age 18 have been automatically enrolled in the new tax-deferred savings and investment accounts.
Trump Accounts, formally known as 530A accounts, became available on July 4 and are accessible to all U.S. children under age 18 who possess a Social Security number. Children born between 2025 and 2028 qualify for $1,000 in seed money from the federal government. Parents and guardians must claim auto-enrolled accounts through the Trump Accounts app to receive the Treasury’s initial deposit and other eligible funds.
Additional funding sources have emerged to support the program. Michael Dell and his wife, Susan, have committed $6.25 billion to provide supplemental funds for children born between 2016 and 2024 who do not qualify for the federal seed money. The Dell Foundation estimates this commitment could provide investment accounts for approximately 25 million American children. Furthermore, roughly 72 companies have pledged to match employee contributions on behalf of their workers’ children, and philanthropists across multiple states have committed to additional gifts for qualifying families.
Bisignano indicated that expansion of the program remains a priority, noting on Friday that additional donors expressed interest in participating. The Trump Account initiative was a key objective for the Trump administration, with Bisignano leading the implementation effort.
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