What you need to open a Trump Account
A Trump Account is a tax-advantaged savings account for children under 18, run by your state. To open one, you need the child's Social Security number, proof of the child's age and identity, and proof of your own identity. Most states let you open an account online, by mail, or in person at a financial institution that offers the program.
The account itself is free to open. Some states charge a small annual maintenance fee (usually $5 to $15), and some waive it if your balance stays above a certain amount. You will not pay federal income tax on the money your account earns while it stays in the account—only when you withdraw it for the child's education.
You do not need to be the child's parent to open an account. Grandparents, aunts, uncles, or other relatives can open and contribute to a Trump Account for any child, as long as you have the child's Social Security number and permission from the child's parent or legal guardian.
Key Takeaways
- You will need the child's Social Security number, a document showing the child's age (birth certificate or passport), and a government-issued ID for yourself.
- Each state runs its own Trump Account program with different investment options and minimum contribution amounts, so check your state's specific rules before you start.
- You can open an account online, by mail, or in person depending on which state program you use and which financial institution you choose.
- Anyone—parent, grandparent, relative, or friend—can open and contribute to a Trump Account for a child, as long as the child's parent or guardian consents.
- Money in the account grows tax-free as long as it stays in the account and is used for education expenses; withdrawals for non-education purposes trigger taxes and penalties.
Finding your state's Trump Account program
Each state operates its own Trump Account program under different names and with different rules. Your state's program is usually run by the state treasurer's office, the state education department, or a contracted financial services company. The fastest way to find it is to search "[your state name] Trump Account" or "[your state name] 529 plan" online.
Once you find your state's program website, look for a link labeled "open an account," "get your free guide," or "enroll." The website will list the investment options available (usually a mix of age-based portfolios and individual mutual funds), the minimum contribution amount (often $25 to $100 for the first deposit), and whether there are annual fees. Write down the minimum contribution amount and any fees before you proceed—these vary significantly by state.
If you cannot find your state's program online, call your state treasurer's office directly. They can tell you which financial institution runs the program and provide you with the phone number or website to begin the enrollment process.
Documents you will need to gather
Before you start the application, collect these documents:
- The child's Social Security number (nine digits)
- The child's date of birth
- A copy of the child's birth certificate, passport, or state ID
- Your government-issued photo ID (driver's license, passport, or state ID)
- Your Social Security number
- Proof of your address (a recent utility bill, lease, or bank statement)
If you are not the child's parent or legal guardian, you will also need written permission from the parent or guardian. Some states provide a form for this; others accept a signed letter stating that the parent or guardian consents to the account opening. Ask the program administrator which form they require before you submit anything.
Have these documents ready before you begin the application. Online applications usually let you upload images of documents or type in the information directly. If you are applying by mail, you may need to send photocopies.
Opening an account online
Most state Trump Account programs now offer online enrollment. Go to your state program's website and click the enrollment link. You will be asked to create a login and password, then enter your personal information and the child's information.
The form will ask for your name, address, phone number, email, and Social Security number. It will then ask for the child's name, date of birth, and Social Security number. You will upload or photograph your ID and the child's birth certificate or passport. Some programs verify your identity instantly; others send a confirmation email or letter within a few business days.
After your identity is verified, you will choose an investment option. Most state programs offer age-based portfolios that automatically shift from stocks to bonds as the child gets closer to college age. You can also choose individual mutual funds if you want more control. Select the option that matches your timeline and comfort with risk.
Finally, you will link a bank account to fund the Trump Account. You can make your first contribution during enrollment or wait and contribute later. The money usually appears in the Trump Account within three to five business days.
Opening an account by mail
If you prefer not to apply online, you can request a paper application from your state program. Call the program's customer service number or visit the website and look for a "request an application" or "paper forms" link.
Fill out the application completely and include photocopies of your ID, the child's birth certificate or passport, and proof of your address. If you are not the child's parent, include the signed permission letter from the parent or guardian. Mail everything to the address listed on the application.
Processing by mail takes longer than online enrollment—usually two to four weeks. You will receive a confirmation letter with your account number and instructions for making your first contribution. After that, you can contribute online, by mail, or by automatic transfer from your bank account.
Opening an account in person
Some states allow you to open a Trump Account at a bank or credit union that partners with the state program. Call your bank and ask whether they offer Trump Account enrollment. If they do, make an appointment or visit during business hours with your ID, the child's birth certificate, and your Social Security number.
The bank representative will walk you through the application, verify your identity on the spot, and help you choose an investment option. You can make your first contribution right there. This method is fastest if you want to start funding the account immediately and prefer to work with someone in person.
Not all banks offer this service, and availability varies by state. If your bank does not offer Trump Accounts, they can usually direct you to a partner institution nearby or tell you how to open an account online.
What happens after you submit your application
Once you submit your application—whether online, by mail, or in person—the program will verify your identity and the child's identity. This usually takes three to ten business days. You will receive a confirmation email or letter with your account number, login credentials (if you applied online), and instructions for making contributions.
Your account is now open and ready to receive money. You can fund it by linking your bank account for one-time or automatic transfers, by mailing a check, or by setting up payroll deductions if your employer offers that option. Some programs also let you contribute through a financial advisor or broker.
After your first contribution, you can log into your account online to view your balance, change your investment option (usually once per year or when the child changes schools), and make additional contributions whenever you want. There is no deadline to contribute, and no minimum annual contribution amount.
Frequently Asked Questions
Can I open a Trump Account for a child who is already 18?
No. Trump Accounts must be opened before the child turns 18. Once the child reaches 18, the account remains open and continues to grow tax-free, but you cannot open a new account for them. If the child is already 18, you would need to explore other education savings options.
What if I do not have the child's Social Security number yet?
You will need the child's Social Security number to open an account. If the child was born recently and you have not yet received the number, you can request it from the Social Security Administration or apply for it at the hospital when the child is born. Once you have the number, you can open the Trump Account.
Can I change the investment option after I open the account?
Yes. Most state programs let you change your investment option once per calendar year or when the child changes schools. Log into your account online or call customer service to request a change. The new investment option takes effect within a few business days.
What if I move to a different state after opening a Trump Account?
Your Trump Account stays open and continues to grow tax-free even if you move. You do not have to close it or transfer it. You can keep the account with your original state program, or you can roll it into your new state's program if you prefer. Rolling over usually takes two to four weeks and does not trigger any taxes or penalties.
Do I need to report the Trump Account on my taxes?
You do not report the account itself on your taxes. However, when you withdraw money for non-education expenses, you will owe income tax and a 10 percent penalty on the earnings portion. If you withdraw money for education expenses, you do not owe tax or penalty. Keep records of all contributions and withdrawals in case the IRS asks.