IRS CEO Frank Bisignano announced Friday that funding could reach up to 25 million Trump Accounts by mid-October. The statement followed a Treasury Department announcement the previous day regarding the automatic enrollment of more than 60 million American children under age 18 into the new tax-deferred savings and investment accounts.
Trump Accounts, formally known as 530A accounts, began operations on July 4 and are accessible to all U.S. children under 18 with a Social Security number. Children born between 2025 and 2028 qualify for an initial $1,000 in seed money distributed by the Treasury Department. Additional funding sources include a $250 grant program funded by Dell.
Michael and Susan Dell pledged $6.25 billion to provide supplemental funds for children born between 2016 and 2024 who are ineligible for federal seed money. This commitment is projected to support investment accounts for approximately 25 million children, according to the Dell Foundation. Bisignano noted that roughly 72 companies have committed to matching contributions for employees’ children, and philanthropists across multiple states have pledged additional funds for qualifying families.
Families must actively claim auto-enrolled accounts through the Trump Accounts application to access the Treasury’s $1,000 seed money and other available deposits. Expanding access to these investment accounts was identified as a priority for the administration, with Bisignano leading the implementation effort. He indicated that additional donors are interested in participating in the initiative.
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