Trump Accounts for kids launch: Here's who qualifies for free money, how to sign up

SAN FRANCISCO (KGO) -- The so-called "Trump Accounts" for kids -- meant to help families invest on behalf of their children -- officially went live on July 4, 2026.

According to the White House, 6 million accounts had been requested as of July 6. That's less than 10 percent of those who are eligible.

Because some children qualify for a free $1,000 deposit into their account, we wanted to provide a quick recap of who is eligible and how to sign up.

Trump Accounts are tax-deferred investment accounts aimed at building long-term wealth and retirement savings. Think of them like kid IRAs.

The accounts are available to all children under 18, as long as they are U.S. citizens and have a valid Social Security number.

The accounts must be opened by a parent, legal guardian, grandparent, or sibling on the child's behalf.

And here's an important distinction -- not every account will receive the $1,000. Only children born between Jan. 1, 2025, and Dec. 31, 2028, will receive an automatic $1,000 seed investment from the federal government.

So how do you sign up?

The IRS has Form 4547. You can fill one out online -- or, the Social Security Administration recently announced they would be making a new way to easily sign up your newborn, right from the hospital.

7 On Your Side reached out to Social Security to ask when the streamlined hospital signups will be available; the SSA responded but did not provide an update.

Take a look at more stories and videos by 7 On Your Side.

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