What are 530A/Trump Accounts and do I qualify to open one?

530A Accounts (also known as Trump Accounts) are a new type of investment account for children that are managed by their parents or guardians. Some children will qualify for $1,000 of seed money from the government, and additional contributions can be made over the life of the account. Generally, withdrawals cannot be made until the child turns 18. You can learn all of the details at 530a.getyourrefund.org. 

Any minor child under 18 with a Social Security number valid for employment will qualify to open an account, but to qualify for $1,000 of seed money, the child must have been:

- Born after December 31, 2024 but before January 1, 2029
- Be a US Citizen with a valid Social Security Number

As with any investment, it’s always good to talk through your plans with an expert. If you are working with our tax experts and have questions, ask! Many of our partners provide other financial services in addition to tax preparation and may be able to answer your questions.