IRS CEO Frank Bisignano announced on Friday that approximately 25 million Trump Accounts, also known as 530A accounts, could be funded by mid-October. His statement came after the U.S. Department of the Treasury revealed that more than 60 million American children under age 18 had been automatically enrolled in the new tax-deferred savings and investment accounts.
The accounts launched on July 4 and are available to all U.S. children under 18 with a Social Security number. Children born between 2025 and 2028 are eligible for $1,000 in seed money from the federal government. However, families must actively claim their auto-enrolled accounts through the Trump Accounts app to access the Treasury’s seed money and other available deposits.
Additional funding sources have emerged beyond government contributions. Michael and Susan Dell 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 stated this commitment could support investment accounts for approximately 25 million American children.
Private sector participation has expanded the program’s reach. Bisignano indicated that about 72 companies have pledged to match contributions made by employees for their children’s accounts. Furthermore, philanthropists in several states have committed additional gifts for families meeting certain qualifications. Bisignano noted continued interest from prospective donors seeking to participate in the initiative.
Expanding access to the investment accounts was a priority for the Trump administration, with Bisignano leading the effort to achieve that objective.
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