The IRS and the Department of the Treasury proposed regulations that provide guidance on the pilot phase of the Trump Accounts, which will see the Treasury make a one-time $1,000 contribution to eligible accounts, the IRS said in a March 6 statement.

The tax-advantaged Invest America Accounts, commonly called Trump Accounts, were established under the One Big Beautiful Bill Act signed into law by President Donald Trump in July 2025.

Any child younger than 18 who is a U.S. citizen and has a valid Social Security number can open a Trump Account. In addition, children born between Jan. 1, 2025, and Dec. 31, 2028, will receive a $1,000 initial seed contribution from the government.

“The proposed regulations issued today provide rules on how the Treasury Secretary will make one-time $1,000 pilot program contributions to the Trump Accounts of eligible children” whose parents or guardians elect to establish these accounts for their kids, the IRS said.

Taxpayers can use Form 4547 to open an initial Trump Account and request the $1,000 pilot contribution.

According to the notice of proposed regulations scheduled for publication in the Federal Register on March 9, Trump Accounts can receive contributions from nonprofits, governments, employers, and individuals. These accounts can receive up to $5,000 per year in contributions, adjusted for inflation.

However, contributions made by governments and nonprofits via the Treasury do not count toward this annual limit, such as the $1,000 to be distributed by the Treasury in the pilot phase.

A Trump Account can be established for a child before the calendar year in which the individual attains the age of 18.

Investments made via the Trump Account must track the returns of an equity index composed primarily of U.S. companies that also trade futures contracts. The accounts must avoid using leverage in their investments.

The proposed regulations for the pilot phase of the initiative are expected to affect 15 million children across about 12 million families in the country, according to the notice.

A ‘Pro-Family Initiative’

In late January 2026, House Ways and Means Committee Chairman Jason Smith (R-Mo.) highlighted how Trump Accounts are positively transformative for American children, according to a Jan. 30 committee statement.

Smith shared his own upbringing to drive home the point while speaking during a government leaders panel at the Trump Accounts summit.

“I was raised in a single-wide trailer for most of my life, until we upgraded to a double-wide,“ he said. ”And [in] my hometown that I still live in today, the average income for an individual is less than $26,000 a year. And so when you look at that, this is the opportunity for those kids.

“It doesn’t matter if you live on a city block or a county road, you’re going to have this investment, and it will be transformational. ... Trump Accounts are going to be the most transformational coming from what we were able to deliver, and Americans’ lives are going to be affected in such a positive way for generations.”

Critics of the initiative, including the Center for Law and Social Policy, said these accounts “won’t end wealth inequality.” In a Feb. 24 blog post, the Center for Law and Social Policy said Trump Accounts for children from poor families with low-wage jobs may not receive any significant contributions beyond the initial $1,000 deposit from the government, whereas children from rich families can max out their Trump Account contributions every year.

In the March 6 IRS statement announcing proposed regulations on how to open the initial Trump Accounts, IRS CEO Frank J. Bisignano said these accounts are “a pro-family initiative that will help millions of Americans harness the strength of [the U.S.] economy to lift up this generation and generations to follow and unlock the American Dream.”

“Creating Trump Accounts was one of the most important provisions in President Trump’s historic One, Big, Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts,” he said in the statement.

According to the notice of these proposed regulations, set to be published in the Federal Register on March 9, the rules related to Trump Accounts are expected to affect 73 million children younger than 18 across 44 million families.