More than four million children have been enrolled in newly created establishments Trump accountsthe Internal Revenue Service (IRS) said Tuesday, marking a major rollout of the administration’s savings initiative.
Additionally, the IRS said more than 1 million children are covered for the election thanks to the $1,000 contribution to the Trump Accounts Pilot Program.
The Trump accounts were created last year under the “One Big Beautiful Bill Act” and contributions can begin on July 4, 2026.
“The IRS has worked closely with the Department of the Treasury to make the election process as simple and easy as possible by allowing taxpayers to complete a one-page form when submitting their tax return,” IRS Director General Frank J. Bisignano said in a statement. “Families with eligible children born between 2025 and 2028 simply check the box on a form to claim the $1,000 contribution. It’s that simple.”
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A screenshot of the Trump Accounts homepage. (White House)
The new data is based on the number Form 4547“Trump account elections” have been submitted with individual tax returns to date, according to the IRS.
To create a Trump account and enroll in the pilot program with their 2025 tax return, parents can fill out IRS Form 4547.
The accounts will be available to every American child born between January 1, 2025 and December 31, 2028 and will include an initial contribution of $1,000 invested in an index fund. They can be created for any person who has not reached the age of 18 before the end of the calendar year during which the choice is made and who has a valid residence permit. Social Security Number.
Each account is in the child’s name and is controlled by the parents until the child turns 18.
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President Donald Trump speaks on stage at Verst Logistics March 11, 2026 in Hebron, Kentucky. (Andrew Harnik/Getty Images/Getty Images)
Although no contributions are required, up to $5,000 can be deposited into the accounts per year.
The US Treasury previously estimated that the Trump accounts could pile up significant savings if families maximize their contributions and allow the funds to grow.
For example, a fully funded account could grow to as much as $1.9 million by age 28, according to the Treasury’s Office of Tax Analysis. At the low end of projected returns, the account could still earn nearly $600,000 over the same period.
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President Donald Trump speaks during the Trump Accounts Launch Summit in Washington, DC, Wednesday, January 28, 2026. (Valérie Plesch/Bloomberg via Getty Images / Getty Images)
Without additional contributions beyond the initial $1,000 deposit from the federal government, it is estimated that the account could grow to between $3,000 and $13,800 over 18 years.
Children may receive contributions from parents, relatives, friends, employers, state governments and philanthropic organizations, according to the IRS.
Since the Trump accounts were first exposed, many large companies have expressed support for the initiative and announced plans to match the government’s $1,000 contribution for the children of eligible employees.
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Treasury Secretary Scott Bessent speaks at the Trump Accounts Launch Summit in Washington, DC, January 28. (Valérie Plesch/Bloomberg via Getty Images / Getty Images)
More information about the Trump accounts can be found at Trump.gov accounts.
FOX Business has reached out to the White House for comment.
FOX Business’ Amanda Macias and Emma Colton contributed to this report.