The basic may be able to access rules for Trump Accounts
A Trump Account is a tax-advantaged savings account for children under age 18. To open one, you need to be a parent, legal guardian, or authorized adult with a Social Security number or Individual Taxpayer Identification Number (ITIN), and the child must have their own Social Security number. The child's age at the time you open the account is the main restriction—they cannot be 18 or older.
You do not need to be a U.S. citizen to open a Trump Account, but both the adult and the child must have valid tax identification numbers. If you are a non-citizen with an ITIN, you can open and contribute to an account. The account itself belongs to the child, not the adult who opens it, which affects how it is taxed and what happens to the money later.
There is no income limit to open a Trump Account, and there is no minimum deposit required to start one. You can open an account with as little as $1, though most financial institutions that offer them have their own minimum opening balance—typically $25 to $100. This varies by bank or investment firm.
Key Takeaways
- The child must be under 18 years old and have a Social Security number; the adult opening the account needs a Social Security number or ITIN.
- There is no income limit, no citizenship requirement, and no minimum deposit to open an account, though individual institutions may set their own minimums.
- Parents, legal guardians, and other authorized adults (such as grandparents) can all open and contribute to a Trump Account for a child.
- The account belongs to the child, not the adult, which means the child's tax situation—not the adult's—determines how earnings are taxed.
Who can open a Trump Account on behalf of a child
A parent or legal guardian is the most common person to open a Trump Account. If you have custody or guardianship of a minor, you have the authority to open the account and make decisions about contributions and investments within it. You do not need to be married to the child's other parent, and a single parent can open an account without the other parent's permission.
Other adults can also open and contribute to a Trump Account for a child. Grandparents, aunts, uncles, or family friends can all establish an account if they have the child's permission (or the permission of a parent or guardian if the child is very young). The person who opens the account is called the custodian, and they manage it until the child reaches the age of majority—usually 18 or 21, depending on your state.
If multiple adults want to contribute to the same child's account, only one person needs to be the custodian. Other family members can give money to the custodian to deposit, or they can open separate accounts in the child's name. There is no limit to how many Trump Accounts a single child can have across different institutions, though having multiple accounts can make tracking and tax reporting more complicated.
Age requirements and what happens at 18
A child must be under 18 years old when you open the account. Once the child turns 18, you cannot open a new Trump Account for them. However, an existing account does not automatically close on the child's 18th birthday—it continues to exist and can keep growing.
When the child reaches the age of majority (18 in most states, 21 in a few), control of the account transfers to them. At that point, they can withdraw the money, change investments, or leave it untouched. The custodian loses the legal right to make decisions about the account, though they may retain access to view it depending on how the account was set up.
Some states allow the custodian to retain control slightly longer if the account is structured as a Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) account, but this varies. Check with the financial institution where you open the account to understand the exact age when control transfers in your state.
Tax identification and documentation you will need
To open a Trump Account, you will need the child's Social Security number. If the child does not have one, you can request one from the Social Security Administration before opening the account. The process takes about two weeks by mail or can be faster in person at a local Social Security office.
You will also need your own Social Security number or ITIN. If you are a non-citizen without a Social Security number, you can obtain an ITIN from the Internal Revenue Service. The ITIN process process takes several weeks, so plan ahead if you do not yet have one.
When you open the account, the financial institution will ask for proof of identity and address. Bring a government-issued ID (driver's license, passport, or state ID) and a recent utility bill or bank statement showing your current address. Some institutions may ask for additional documents depending on their policies.
Income limits and contribution rules
There is no income limit that prevents you from opening or contributing to a Trump Account. Your household income does not affect your ability to open one, and there is no means test. This is different from some other savings programs that have income restrictions.
However, there are annual contribution limits. For 2024, you can contribute up to $18,000 per year per child without triggering gift tax reporting requirements. If you contribute more than that in a single year, you must file a gift tax return with the IRS, though you may not owe tax depending on your lifetime gift exemption. These limits change yearly, so check the current year's limit before making large contributions.
Multiple people can contribute to the same child's account. If a grandparent contributes $10,000 and a parent contributes $8,000 in the same year, that is within the limit. Each person's contributions are counted separately against their own annual limit.
What disqualifies someone from opening a Trump Account
The child must be under 18. If the child is already 18 or older, you cannot open a new Trump Account for them. This is the main hard rule.
You cannot open a Trump Account if you do not have a valid tax identification number (Social Security number or ITIN). The financial institution will verify this before opening the account, and they cannot proceed without it.
Some financial institutions have their own additional requirements beyond the legal minimum. A bank might require a minimum deposit of $100, or they might not offer Trump Accounts to non-residents of their state. These are institution-specific, not federal rules, so if one bank declines, another may accept your process. Shop around if your first choice does not work out.
How to verify your information before opening an account
Before you contact a financial institution, gather the documents you will need: your government-issued ID, a recent utility bill or bank statement, the child's Social Security number, and your own Social Security number or ITIN. Having these ready speeds up the process.
Call or visit the financial institution's website to confirm they offer Trump Accounts and what their specific requirements are. Ask about minimum opening deposits, fees, and what happens when the child turns 18 in their state. Different banks have different rules, so this conversation will tell you whether they are a good fit.
If you do not have a Social Security number for the child yet, you can request one online at ssa.gov or in person at your local Social Security office. Bring the child's birth certificate, your ID, and proof of your relationship to the child. Processing usually takes two weeks by mail.
Frequently Asked Questions
Can I open a Trump Account if I am not a U.S. citizen?
Yes. You need a valid tax identification number—either a Social Security number or an ITIN—but you do not need to be a citizen. If you have an ITIN, you can open and contribute to an account. The child also needs a Social Security number or ITIN.
What if the child's other parent does not want the account opened?
If you are the custodial parent or legal guardian, you can open the account without the other parent's permission. If you do not have custody or guardianship, you may not have the legal authority to open an account in the child's name. Check your custody agreement or consult a family law attorney if you are unsure.
Can a grandparent open a Trump Account without the parent's permission?
Legally, a grandparent can open an account if they have the child's Social Security number, but it is wise to get the parent's permission first. If the child is very young, the parent may need to be involved in the account setup. Once the account exists, the grandparent can contribute to it independently.
Is there a penalty if I contribute more than the annual limit?
You do not face a penalty, but you must file a gift tax return with the IRS if you contribute more than $18,000 in a single year (for 2024). Depending on your lifetime gift exemption, you may not owe tax, but the return is required. Consult a tax professional if you plan to make large contributions.
What happens to the account if the child passes away?
The account becomes part of the child's estate and is handled according to your state's laws and any will or trust you have in place. The funds do not automatically go to the custodian. Consult an estate planning attorney if you want to may support the account is handled the way you intend.