Who can open a Trump Account

A Trump Account is a tax-advantaged savings account for children under 18. To open one, the child must be a U.S. citizen or resident alien with a valid Social Security number, and the account must be opened by a parent, legal guardian, or other adult with power of attorney. There is no income limit for the account owner, and no minimum deposit required to start.

The child does not need to have earned income themselves — the account can be funded by anyone, including grandparents, aunts, uncles, or family friends. What matters is that the child has a Social Security number and is under 18 when the account opens.

Key Takeaways

  • The child must be under 18, a U.S. citizen or resident alien, and have a Social Security number.
  • Any adult can open the account on the child's behalf — parents, guardians, or relatives.
  • There is no income requirement for the child or the account owner, and no minimum opening deposit.
  • The account can be funded by anyone, but only one account per child is permitted.
  • The account remains open until the child turns 18, at which point they can take control or close it.

Age requirements and when the account closes

The child must be under 18 when the account opens. Once opened, the account stays active until the child reaches 18 years old. At that point, the account holder can either transfer control to the young adult, keep it open under the original terms, or close it and withdraw the funds.

If the account is still open when the child turns 18, the funds remain in the account and continue to grow tax-free until the child decides what to do with them. There is no automatic closure or forced withdrawal at 18.

Citizenship and Social Security number requirements

The child must be a U.S. citizen or resident alien. Resident aliens include people with a green card or certain visa holders who meet IRS residency tests. The child must have a valid Social Security number — this is required to open the account and is how the IRS tracks the account for tax purposes.

If a child does not yet have a Social Security number, you can request one from the Social Security Administration before opening the account. The process takes a few weeks, and you will need the child's birth certificate and proof of your own identity.

Who can open and manage the account

A parent or legal guardian can open the account. If there is no parent or guardian, another adult with power of attorney over the child can open it. The account opener is the custodian — they control the account until the child turns 18.

Multiple adults can contribute money to the same account, but only one custodian can manage it. If you want to change who manages the account, you will need to contact the financial institution holding it and follow their transfer process, which usually requires paperwork signed by the current custodian.

Income limits and funding rules

There is no income limit for the child or the account owner. The child does not need to have earned any income themselves — the account is not tied to the child's job or earnings. Anyone can deposit money into the account, regardless of their own income.

Most financial institutions that offer Trump Accounts do not require a minimum deposit to open one, though some may ask for a small initial deposit (often $25 or less). After opening, you can add money whenever you choose, in any amount.

One account per child rule

A child can have only one Trump Account. If you try to open a second account for the same child, the second one will be rejected by the financial institution. This rule exists to prevent tax complications and to keep the account structure straightforward.

If a child already has a Trump Account with one institution and you want to move the money to a different institution, you can transfer the funds, but the child will still have only one active account. The old account will be closed as part of the transfer.

What happens if the child does not meet the requirements

If the child is 18 or older, you cannot open a new Trump Account for them. If the child is not a U.S. citizen or resident alien, the account cannot be opened. If the child does not have a Social Security number and cannot get one, the account cannot be opened.

In these cases, other savings options may be available — such as a regular custodial savings account, a 529 education savings plan, or a Roth IRA if the child has earned income. A financial advisor or tax professional can help you explore alternatives that fit your situation.

Frequently Asked Questions

Can a grandparent open a Trump Account for their grandchild?

Yes. Any adult can open the account as long as they have legal authority over the child or the child's parent consents. Grandparents often open these accounts and fund them over time. The grandparent becomes the custodian and manages the account until the child turns 18.

What if the child was born outside the U.S. but has a green card?

A child with a green card is a resident alien and can open a Trump Account. You will need to provide proof of the green card and the child's Social Security number when opening the account. The process is the same as for U.S. citizens.

Can I open a Trump Account for a child I am not related to?

You can open the account if you have legal authority — such as being named guardian in a will or court order. If you are not a legal guardian, the child's parent or guardian must consent and typically must sign the account opening paperwork. Some institutions require the parent to be listed as a co-owner.

What if the child turns 18 before I finish funding the account?

The account remains open and the funds stay in it. The young adult can take control of the account at 18, or you can ask the institution to keep you as the manager if they allow it. The tax benefits continue regardless of who manages it.

Do I need to report the account to the IRS?

The financial institution reports the account to the IRS using the child's Social Security number. You do not need to file a separate form to open it, but any earnings in the account may need to be reported on the child's tax return depending on the amount. A tax professional can advise you on your specific situation.