05 Jul Do I have to report Trump accounts on my taxes?

Q. I will sign up for a Trump account for my new twin grandchildren. They are only three months old so they don’t have income. Does the $1,000 from the government into these accounts have to be reported in any way?
— Investor

A. Great question.

The new Trump accounts, also known as 530A accounts, are tax-advantaged savings accounts similar to IRA accounts. They were established under the One Big Beautiful Bill Act.

To be eligible, you must be a U.S. citizen under the age of 18 with a Social Security number, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

Children born between Jan. 1, 2025 and Dec. 31, 2028 can receive a one-time $1,000 payment from the U.S. Treasury, he said.

“Since they are similar to IRA accounts, they are recorded with the federal government when they are opened,” Kiely said. “There is nothing more you have to do.”

This story was originally published in July 2026. 

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