Frank Bisignano, CEO of the IRS, announced on CNBC that up to 25 million Trump Accounts could be funded by mid-October, following a recent Treasury Department announcement that over 60 million American children have been automatically enrolled in these tax-deferred savings and investment accounts.
The Trump Accounts, also known as 530A accounts, were launched on July 4 and are available to all U.S. children under 18 with a Social Security number. Eligible children born from 2025 to 2028 can receive $1,000 in seed money from the Treasury.
Additionally, Michael Dell and his wife have pledged $6.25 billion to fund investment accounts for children born between 2016 and 2024 who do not qualify for federal seed money. As the midterm elections approach, this initiative reflects the Trump administration's priority to expand access to investment accounts.
Families must claim their auto-enrolled accounts through the Trump Accounts app to access the Treasury's seed money and other potential contributions. Bisignano noted that around 72 companies have committed to matching contributions for employees' children, and there is interest from additional philanthropists to support qualifying families