Trump Accounts will automatically be created for up to 60 million kids, Treasury says

Key Points:

• The Treasury Department will automatically create up to 60 million Trump Accounts for eligible U.S. children starting Oct. 1, eliminating the previous requirement for parents or guardians to enroll their kids manually.
• Auto-enrollment is expected to add about 2 million more accounts per birth-year cohort and boost contributions from donors, potentially generating billions of dollars annually for these tax-deferred investment accounts.
• Trump Accounts, established under President Trump's One Big Beautiful Bill for children born between 2025 and 2028, include a $1,000 government seed contribution, with additional contributions allowed from friends, relatives, employers, and wealthy donors.
• The move to automatic enrollment addresses public feedback highlighting barriers for families unfamiliar with tax procedures or lacking time to enroll, ensuring more children benefit from the accounts' potential investment growth.
• Prior enrollment methods required submitting IRS Form 4547 via a mobile app or tax filing, but the new regulations create an administrable system to broadly enroll eligible children while protecting personal tax information.