Special Account for Utah Babies Includes $1,000 from the U.S. Treasury

It can be a good thing to get a child a bank account and help them learn about money by saving and making a budget. Should you start the day they are born? You should if the United States Government is putting the money in. 

How to Apply for a Trump Account for Your Newborn

Part of the spending bill passed in 2025 was the establishment of Trump Accounts. This is a program where a child born between January 1, 2025, and December 31, 2028, can receive $1,000 from the treasury. 

This is an investment that will grow and be available for the child when they turn 18. To become eligible for the Trump Account, families check a box on form 4547 when doing their taxes. 

Contributions Beyond the Initial Investment

The account can also grow through the help of families and friends who can contribute to the child's future benefit. It can also be set up for other children for businesses and future employees to contribute to. 

It is an interesting concept. Already there are many companies and philanthropists putting money into what is basically an IRA. You can find more information on the U.S. Department of the Treasury site. 

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For Utahns having children, it is something to be aware of as tax time rolls around. Handled well, these accounts could be a big help to your child when they graduate high school.