Free workshops! Nonprofit partners: learn more about how 530A accounts can help your clients build an asset for their children on Nov 12th. RSVP here.

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Free. Easy. Secure.

Find help getting your refund

You could receive thousands of dollars back in tax credits, even if you don’t file taxes every year.

Many low-income individuals and families are eligible for federal and state tax credits they may not even know about.

Even if you earn too little to be required to file taxes, you may be eligible for a tax refund. You can file taxes to get money back from the government. Learn if you could be eligible below.

There are a number of free resources to help hard working, low-income people file their taxes. Some will guide you step-by-step through the filing process.

You can also file your state taxes for free online and claim the updated Illinois Earned Income Tax Credit (EIC) and new Child Tax Credit.

Visit our Tax Filing Help page for answers to many common questions.

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$1,000 for your child today. More money as they grow.

Illinois parents — your child could get as much as $1,000 in free money to start saving for their future with a new Trump Account (also known as a 530A account).

These new child investment accounts were passed by Congress and signed into law in 2025. The money is invested and could grow by thousands of dollars!

Starting in 2026, you can take advantage of this new way to save money for your child’s future by claiming your child’s free Trump Account or 530A child investment account. 

Babies and toddlers born between 2025 and 2028 can get $1,000 from the U.S. Treasury added to their accounts for free! Children born between 2016 and 2024 in certain zip codes may already have $250 from the Michael and Susan Dell Foundation waiting in their account!

Older children may be eligible for other funds from employers, states, or philanthropic foundations.

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An illustration of a family holding a big coin together

Fast and simple

Claiming your child’s new investment account is easy.

Go to trumpaccounts.gov or the official Trump Accounts app. Parents may also be able to fill out IRS Form 4547 by downloading the form on the IRS website.

Most children under 18 now have an account. Some are eligible for free seed money. Learn more details below.

  • Learn more about investing at investor.gov.
  • Learn about other free seed money older children could benefit from here. 
  • See an estimate of how much your child could have later in life by saving a little each month in the How It Works section under the pictures at investamerica.org.
  • Connect with a pro bono (free) financial adviser at advisersgiveback.org/eac. 

Updates to 530A (Trump) Accounts are on-going. We will share updates here when possible.

  • October 1, 2026- The U.S. Treasury announced children born in 2009 or later with Social Security Numbers (SSNs) are now auto-enrolled for 530A accounts.

What You Need to Know

Investing in something new can feel complicated. But, it doesn’t have to be. Here are common questions parents, guardians, and other family members may have.

Don’t see an answer to your question below? Email us at info@getmypaymentil.org

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530A accounts, also known as Trump Accounts, are new retirement investment accounts for children. Eligible adults can claim the account for children under 18 with a Social Security Number (SSN). The government will also add $1,000 for free to accounts for children who are US citizens born between January 2025 and December 2028 when parents or guardians complete the process.

Money added to these accounts gets invested in the stock market and has the potential to grow over time. 

Parents and legal guardians oversee their children’s accounts until that child turns 18, but there is little day to day ‘managing’ involved. The money is simply invested and potentially grows, but no one can withdraw funds until then. 

  • Children and adults managing their accounts cannot take money out until the child account holder turns 18.
  • When your child turns 18, the money will be turned into a traditional Individual Retirement Account (IRA). Children can use $10,000 for their education or to buy a home with these funds. However, they will need to pay ordinary income tax and a 10% penalty (extra tax) on other money withdrawn before age 59½.
  • If your child has a disability, at age 17 the account can be rolled over to an ABLE Account to pay for disability related expenses.

There is no requirement to add your own money to the account or make repeated contributions. For parents of infants and young children, this is an opportunity to receive free money to help fund your child’s future plans.

Family members, employers, charitable organizations, and other eligible donors can add money to your child’s account. Several corporations and philanthropic organizations have also pledged to add funds to some children’s accounts.

  • Use this tool to see what deposits your child might be eligible for. 
  • Your employer may offer additional funds.
  • Contributions from family, friends, and employers cannot go over $5,000 per year.

Many people make money by investing their money in the stock market. As companies make money, people who have invested can receive part of that profit. Companies can also lose money. If the value of the company goes down, so does the value of the stock. So, investing in many companies at the same time makes it more likely that the dollar value of the investment will keep going up. It also means one bad company won’t cause your whole account to lose a large amount of money.

Account holders can keep money invested in 530A accounts for decades to come. The longer money stays in the account, the more likely it is that the dollar amount will go up. 

For example, let’s say that a child born in 2025 receives the free $1,000 deposit in their new account. Let’s assume the assets in the investment fund grow by an average of 10% over many years. When business is good, it may go up and when business is bad it may go down. Even if their family does not invest any of their own money, that investment could still be worth:

  • $5,500 at age 18
  • $17,400 at age 30
  • $490,000 at age 65

Please note: Estimates are based on historical averages for the S&P 500 and are intended for illustrative purposes only. Investment values go up or down over time, and past performance does not guarantee future results.

Visit investor.gov to learn more about investing and the stock market.

As of now, only children under age 18 with a Social Security number (SSN) are eligible for accounts. For teens, the account must be open by the end of the year your child turns 17.

Accounts can be confirmed by individuals in the following preferred order: legal guardians, parents, adult siblings, grandparents, and other authorized individuals such as child welfare agencies in select states.

  • NOTE: Only the person that is eligible to claim the child on their tax return can opt in to have the child receive the $1,000 deposit from the government.
  • Any adults that are eligible to claim the same child on their tax returns should, if possible, check with each other before attempting to get the $1,000 deposit. The child is only eligible for it one time. 
  • To open an account, an authorized adult should have a work-eligible SSN. Authorized adults with an individual tax identification number (ITIN) can also open accounts but should speak to a tax professional or immigration attorney before doing so. See more information for ITIN holders below.

The person who claims the $1,000 benefit for the child, is not required to file taxes the next year. However, they may be eligible for an annual tax refund by filing taxes. Learn more on our Tax Filing Help page.

Money in 530A accounts will get invested in the stock market. When you invest in the stock market, you purchase a share of a company with the goal of that money growing over time. Some investment funds track the performance of many companies to make it more likely the money will increase over time, even if a few companies lose money.

  • The government is working with two financial services companies, Bank of New York Mellon Corporation (BNY) and Robinhood, to invest the money in low-cost index funds: mutual funds and exchange-traded funds (ETF) that track the U.S. stock market. The current default fund is the State Street SPDR Portfolio S&P 500 ETF (SPYM). This fund has a history of strong growth.
  • Down the road, you will have the option to choose what ETF you would like to invest in- essentially, what combination of stocks your money will be in. 
  • ETFs and mutual funds pool together money from investors and invest it into a collection of U.S. companies. If those companies do well, then the value of those assets increases. The increased value means that investors who purchased those assets now have more wealth than they did when they first invested.

Visit investor.gov to learn more about investing and the stock market.

You do not have to file a tax return to claim your child’s account for them. But for babies born between 2025 and 2028, the parent or guardian who is eligible to claim the child on their taxes the following year will most likely be the individual to claim the $1,000 in seed money for initial deposit.

  • You must use the Trump app (https://trumpaccounts.gov/) to claim your child’s existing account and any seed money they are due.
  • You are no longer required to fill out IRS Form 4547 to open an account.
  • You do not need to file taxes the next year if your income is under the IRS income thresholds. If you have at least $400 in contract, gig, cash, or other 1099 work income, you likely need to file. 

By filing taxes, you may also receive a tax refund even if you do not normally file. Learn more on our Tax Filing Help page.

With 530A accounts, you do not need to have experience with investing to participate. You are simply opting into the account and accepting the seed money. This is similar to how you may work somewhere and opt into their retirement account that offers employer contributions. 

Much like a retirement account you may find at a job, once you’ve opened the account you can ‘set it and forget it.’ Ideally the money will grow over many years. However, this can fluctuate depending on the stock market.

Congress has ordered that the money be invested in lower-cost accounts. Even if you don’t know about investing, this is free money that could help your child have money for the future.

We don’t know yet. However, the current rules for programs like Medicaid and SNAP suggest that 530A accounts will not be included when calculating applicants’ total assets. This is because 530As are a type of retirement account, and withdrawals cannot be made until the child turns 18. However, the government has not provided clear answers to this question for other programs like TANF.

New parents and their families should request to receive the free $1,000 initial deposit into new 530A accounts. Families with children born between 2016 and 2024 can also claim a $250 free deposit if they live in a ZIP code with a median household income of under $150,000 or less. However, there is no requirement to make additional contributions to these accounts. 

All investing involves the potential to grow your wealth or lose the money you invested. However, S&P 500 index fund investments are often considered less risky as they spread their investments over many large companies. In some years, they have dropped in value. However, they have historically made money when kept over many years.

530A accounts are also one of several options that parents have to save money for their children. Others include 529 plans that help families save for future education expenses or ABLE accounts that help disabled individuals save for disability related expenses without affecting access for important government benefits. 

When possible, talk to a financial professional to see which options may be right for you. You can connect with a free (pro bono) financial adviser at advisersgiveback.org/eac. 

Consider your financial circumstances before making the decision to invest your own money.

As of October 2026, yes, they should. The U.S. Treasury announced on October 1, 2026 that they had auto-enrolled all children under the age of 18 with SSNs. However, you must verify your identity, claim the account on their behalf, and request the $1,000 seed money. Visit TrumpAccount.com, download the official Trump Accounts app, or visit the official IRS webpage for 530A accounts to claim their account for them.

Under the current rules of the program, adults with ITINs can request to confirm an account for their child if that child has an SSN. However, it is not clear whether the Trump Administration’s ongoing actions against noncitizens may impact 530A accounts. There is a chance this could affect green card applications under the current administration rules. 

Children and adults managing their accounts cannot take money out before the child account holder turns 18. 

At age 18, the child becomes the account holder and can withdraw money from the account. However, if they withdraw money before the age of 59 ½ years old, like any income, the money will be taxed. At tax time, they will pay that tax and an additional 10% tax (also known as a penalty). They can spend up to $10,000 for any of the following qualifying expenses, without paying the additional 10% tax. This includes:

When a child with disabilities turns 17, the money can also be rolled over to an ABLE account. This allows the disabled individual to have a savings account for qualified disability expenses such as living expenses and accessibility items. Up to $100,000 in an ABLE account will not impact their SSI benefits.

The goal of a Trump Account is to help children build long-term financial security. As the account is an IRA, the intended use is for retirement; families can think of the account as money that can grow throughout childhood and into adulthood, giving the child financial resources for important expenses and future goals.

Non-profit and philanthropic foundations will determine who is eligible for the funds. The U.S. Treasury and IRS will make sure those funds are automatically added to the qualifying child’s account. You can search by ZIP code to see what charitable funds your child may be eligible for here. Or, you can see if your employer is providing seed money here.

A 530A can potentially be rolled into the child’s ABLE account when the child turns 17. The IRS describes this as a “qualified ABLE rollover contribution.” The transfer must be made during the calendar year in which the child turns 17, and it must transfer the entire Trump Account balance directly to the child’s ABLE account.

Do not attempt to create another account for your child. You can contact the Trump Account support team at 866-USA-4547 (866-872-4547), 7 days a week 6 AM–9 PM CT for next steps.

If your ex claimed your child as a dependent without your consent in a previous year, that doesn’t automatically mean they are entitled to make the 530A (Trump Account) election. You are still able to make the election for your child. If an ex or another person claims your child as a dependent when they are not legally entitled to, the IRS has a process for resolving the dispute. Eligibility depends on factors such as the child’s residency, relationship, age, and applicable IRS tie-breaker rules. 

  • If your return is rejected because your child’s SSN was already used, you can generally file a paper return and provide supporting documentation if requested. Keep records such as school, medical, daycare, and residency documents. 
  • If the IRS sends a notice like CP87A or CP75A alerting you that your child has been claimed on more than one return, respond by the deadline. 
  • If you believe your child’s SSN was fraudulently used, you can contact the IRS at 1-800-908-4490 Monday to Friday.

A child in foster care is still be eligible for a 530A (Trump Account). Who should claim the account for the child depends on who has legal custody or guardianship. 

  • If a parent retains parental rights and no other legal guardian has priority, the parent may be able to make the account election. 
  • If a state, tribal, or territorial child-welfare agency is the child’s legal guardian, the agency may be responsible for establishing the account. However, if the child is eligible for the $1,000 in seed money, a foster parent or parent will need to claim the election- a state agency cannot.

Your child can still receive a 530A account and the free seed money. However, if they do not reside with you for more than half of the year, their guardian or another family member should open the account for them. Accounts can be opened by individuals in the following preferred order: legal guardians, parents, adult siblings, grandparents, and other authorized individuals such as child welfare agencies in select states.

You can still open a Trump Account without a physical social security card or other identification papers, as long as you have a Social Security Number (SSN) or Individual Tax Identification Number (ITIN). 530A accounts can be opted into on the IRS website, or while doing your taxes. During the process of opening an account, you will likely be prompted to create an ID.me account. This may include taking pictures of your ID or face for verification. If this is not possible, or you are not comfortable with this, there are alternative ways of verifying your identity listed on the ID.me website.

You can ensure your child finds their Trump Account by letting them know it is registered under their Social Security Number (SSN). You can also keep the information related to their account with other important papers such as their Social Security card or birth certificate.

If you are having trouble logging in to ID.me, you may be prompted to do a brief video call to activate your account. For password resets, technical login issues, or help verifying your identity, visit the ID.me IRS Help Site. If you have successfully verified your identity but run into specific IRS system error codes or account access blocks, visit the IRS Telephone Assistance page.