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 your own identification. Most states let you open an account online, by mail, or at a bank or credit union that partners with the program.
The account belongs to the child, not to you. You control it while they are a minor, but the money is legally theirs. When they turn 18 or 21 (depending on your state), they take control of the account. If the money is not used for education by that age, you may owe taxes and a penalty on the earnings—though the original money you put in comes out tax-free.
Each state runs its own Trump Account program under different names and with different rules. Your state's program sets the investment options, the fees, and the age at which the child takes control. Some states let you invest in mutual funds or age-based portfolios; others offer only savings accounts or prepaid tuition plans.
Key Takeaways
- You need the child's Social Security number, proof of their age, and your identification to open an account.
- The account is owned by the child but controlled by you until they reach 18 or 21, depending on your state.
- Money used for may have access to education expenses—tuition, room and board, books, computers—comes out tax-free; unused money triggers taxes and a 10 percent penalty on earnings only.
- Each state runs its own program with different investment options and fees, so compare your state's plan to others before funding.
- You can open an account online, by mail, or in person at a participating bank, usually in under an hour.
Step-by-step process to open the account
Start by finding your state's Trump Account program website. Search "[your state] Trump Account" or "[your state] 529 plan"—many states use both names. The website lists the investment options, fees, and the exact documents you need.
Gather the child's Social Security number, birth certificate or passport, and your driver's license or state ID. If you are opening the account online, you will upload images of these documents. If you are opening by mail, you will print the application form from the website, sign it, and mail it with photocopies of the documents. If you are opening in person at a bank, bring the originals.
Complete the application form. You will provide your name, address, and Social Security number; the child's name, date of birth, and Social Security number; and your relationship to the child. You will also choose an investment option—for example, an age-based fund that shifts from stocks to bonds as the child gets older, or a static fund of your choice.
Submit the application. Online submission is fastest and usually takes a few minutes. By mail, allow 7 to 10 business days for processing. In person, the bank can often open the account on the spot. Once approved, you will receive an account number and login credentials.
Documents you will need
| Document | For whom | What counts |
|---|---|---|
| Social Security number | Child and account owner | The actual number; you may need to provide the card or a tax return showing it |
| Proof of child's age | Child | Birth certificate, passport, or state ID |
| Proof of identity | Account owner | Driver's license, state ID, or passport |
| Proof of address | Account owner | Utility bill, lease, or bank statement dated within the last 60 days (some states only) |
If you do not have a Social Security number for the child yet, you can apply for one at your local Social Security office or online at ssa.gov. The process takes about two weeks. Some states let you open the account with a temporary number or a pending application, but most require the actual number before funding.
Proof of address is not always required, but some states ask for it to verify your residency. A recent utility bill, lease agreement, or bank statement works. If you have moved recently and your ID does not match your current address, bring both the old ID and a current proof of address.
Who can open and fund the account
Any adult can open a Trump Account for a child—a parent, grandparent, aunt, uncle, or family friend. You do not have to be related to the child. The account owner controls the money until the child turns 18 or 21, and you can change the account owner later if needed.
Anyone can contribute to the account once it is open: parents, grandparents, other relatives, friends, or the child themselves if they have earned income. There is no limit on who can give money, but there are annual gift tax limits. In 2024, you can give up to $18,000 per person per year without filing a gift tax return; married couples can give $36,000. Grandparents can use a special election to front-load five years of gifts at once, up to $90,000 per grandparent.
The total amount you can hold in a Trump Account varies by state but is usually between $235,000 and $550,000 per child. This limit is per state, so if you open accounts in two states, each can hold up to that state's limit. Once you reach the limit, you cannot contribute more until the balance drops below it.
Investment options and how they work
Most state Trump Account programs offer age-based portfolios, static portfolios, and individual mutual funds. An age-based portfolio automatically shifts from stocks (higher growth, higher risk) to bonds (lower growth, lower risk) as the child gets older. You choose the expected college year, and the fund rebalances itself. This is the simplest option for most families.
A static portfolio stays the same mix of stocks and bonds no matter how old the child is. You choose the risk level you want—aggressive, moderate, or conservative—and it does not change. This is useful if you want to control the risk yourself or if you are opening the account when the child is already a teenager.
Individual mutual funds let you build your own mix. You might choose a stock index fund, a bond fund, and a money market fund, for example. This option requires more knowledge and more active management, but it gives you the most control.
Fees vary by state and by investment option. Some programs charge an annual management fee of 0.10 to 0.30 percent of the account balance. Others charge per transaction or per contribution. Compare your state's fees to other states' fees before you decide where to open the account—a difference of 0.20 percent per year adds up over 18 years.
What happens after you open the account
Once the account is open, you can log in online to view the balance, make contributions, and change the investment option. Most programs let you set up automatic monthly contributions from your bank account, which makes saving easier and steadier.
You can change the investment option once per calendar year without tax consequences, or as often as you want if you are changing the beneficiary (the child the account is for). If the child is not going to use the money for education, you can change the beneficiary to another family member—a sibling, cousin, or even yourself if you are going back to school—and avoid the tax penalty.
When the child is ready for college or another may have access to education program, you withdraw the money and use it to pay tuition, room and board, books, computers, or other education costs. The earnings come out tax-free if used for these expenses. If you withdraw money for something else, you owe income tax on the earnings plus a 10 percent penalty on the earnings only—not on the money you originally put in.
Frequently Asked Questions
Can I open a Trump Account if I do not have a Social Security number?
No. The account owner must have a Social Security number or an Individual Taxpayer Identification Number (ITIN). The child must also have a Social Security number. If the child does not have one yet, you can apply at your local Social Security office or online at ssa.gov; the process takes about two weeks.
What if the child does not go to college?
You owe income tax and a 10 percent penalty on the earnings only—not on the money you put in. For example, if you contributed $10,000 and it grew to $12,000, you owe tax and penalty on the $2,000 in earnings. You can also change the beneficiary to another family member, including yourself, and use the money for their education instead.
Can I use the money for private school or trade school?
Yes. may have access to education expenses include tuition and fees at any accredited school—public, private, or trade. Room and board, books, computers, and required equipment also count. Some states also allow withdrawals for K-12 private school tuition and student loan repayment, so check your state's rules.
What if I need the money for an emergency?
You can withdraw money at any time, but if it is not used for education, you owe income tax and a 10 percent penalty on the earnings. The original money you contributed comes out tax-free. If the emergency is serious, the penalty may be worth it, but consider other options first—a home equity line of credit or a personal loan may be cheaper.
Can I open accounts in more than one state?
Yes. Each state's account can hold up to that state's limit, usually $235,000 to $550,000. However, the total amount you can contribute per year is still limited by gift tax rules. Opening accounts in multiple states makes sense only if you want different investment options or if you are splitting contributions among multiple children.