530A Accounts
Program information
530A Accounts are starter retirement/investment accounts for children that parents, guardians, and others can create for eligible children under the age of 18. The accounts are created to help families save for a child's future right from the beginning. Accounts are owned by the child and authorized by a parent or legal guardian, adult sibling, or grandparent on the child's behalf until they reach the age of 18.
Who is Eligible?
All U.S. citizen children under 18 with a valid Social Security Number are eligible for an account. *Eligible children born between January 1, 2025, and December 31, 2028, will receive a one-time $1,000 deposit into their account from the federal government.
How Does it Work?
Once the account is created, families, friends, and employers can contribute up to $5,000 per year per child. Contributing to a 530A account is optional, as the account will grow over time whether or not extra money is contributed.
Money contributed to a 530A account can be accessed without penalty when the child turns 18 for qualifying expenses, like education, a first home purchase, or starting a business (withdrawls could be subject to restrictions or taxes)
Once the child turns 18, the account turns into a standard IRA and is fully controlled by the child.
How to Apply
Apply by:
Either submitting Form 4547 with tax return or following the steps below:
- Sign in or create an IRS account with your ID.me account.
- Complete and submit Form 4547 (Trump Account Election(s)
For questions about 530A accounts, call the 530A call center: 866-USA (872)-4547.
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IRS Form 4547
