Families across the United States could receive $1,000 government payments for children under a new federal savings initiative known as Trump Accounts.
The Internal Revenue Service recently released proposed rules explaining how the program will work. The guidance also outlines who qualifies and how families can enroll.
Congress created the program through the One Big Beautiful Bill Act, which lawmakers passed in 2025.
How the $1,000 payment program works
The government will deposit a one-time $1,000 contribution into savings accounts created for eligible children.
However, families must open a Trump Account before receiving the payment.
Parents can enroll their children while filing a tax return. Alternatively, they can submit a simple form through an IRS website.
In addition, the person who opens the account becomes the responsible party. That person manages the account until the child becomes an adult.
Who qualifies for the $1,000 payment
The IRS says several requirements must be met before families receive the contribution.
Eligible children must:
• Be born in 2025, 2026, 2027, or 2028
• Be a United States citizen
• Have a valid Social Security number
• Not already have a Trump Account through the pilot program
Therefore, families with newborn children during those years may qualify for the government payment.
Deadline families need to know
Parents do not need to sign up immediately. However, they must act before a key deadline.
Families must claim the payment by December 31 of the year the child turns 17.
To complete enrollment, families must file IRS Form 4547, which officially opens the account.
Meanwhile, federal officials expect the first accounts to become available after July 4, when the program launches.
Millions of families already showing interest
Early interest in the program appears strong.
According to Treasury Secretary Scott Bessent, families have already submitted roughly 2 million Trump Account forms covering about 3 million children.
Supporters say the accounts could help families build long-term savings for major expenses.
For example, children could eventually use the money for education, housing, or retirement investments.
IRS CEO Frank J. Bisignano said the initiative aims to help future generations build financial stability.
“Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy,” Bisignano said.
However, economists continue to debate whether the program will significantly reduce wealth inequality.
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