The government of President Donald Trump announced this Wednesday, October 7, that there are already nearly 70 million investment accounts for minors in the United States, of which more than 60 million were created automatically, without the need for their families to submit a prior application.
The initiative, known as Trump Accounts, aims to encourage saving and investing from childhood. However, there is a crucial distinction: having an account created does not mean that all children will receive the $1,000 contributed by the federal government.
According to the official statement from the White House, parents and guardians must claim the accounts through the official app to manage them, allow new contributions, and request the government deposit when the minor meets the established requirements.
The announcement marks a new phase of a program that began operating on July 4, 2026, and about which CiberCuba previously reported regarding its potential benefits for Hispanic families.
Who can receive the $1,000 from the Government?
The Internal Revenue Service (IRS) states that the federal contribution of $1,000 is a one-time benefit for minors who meet certain conditions.
The main requirements are:
Born between January 1, 2025, and December 31, 2028.
To be a citizen of the United States.
Having a valid Social Security Number (SSN).
Having not previously received a contribution from this pilot program.
That an authorized person, who meets the relevant tax conditions regarding the minor, requests the benefit.
These conditions appear in the official Spanish instructions for IRS Form 4547.
For example, a baby born in Miami in 2026 who is a U.S. citizen and has a valid SSN may be eligible to receive the $1,000. In contrast, a minor born in 2018 may have a Trump Account but is not entitled to that specific federal contribution.
Place of birth alone does not constitute an exclusion. A minor born outside of the United States may qualify for the contribution if they possess U.S. citizenship, were born within the established period, and meet the other requirements.
The $1,000 is not given in cash to the parents or through a check for family expenses. It is deposited into an investment account in the child's name, according to the program's rules.
How to Claim a Trump Account Step by Step
The Treasury Department confirmed on October 1 that it had completed the automatic creation of accounts for more than 60 million additional minors. However, their legal representatives must carry out the claims process in order to manage them.
The procedure can be completed through the official mobile app, the program portal, or the IRS digital services.
Access the official portal. Go to TrumpAccounts.gov and use its links to download the Trump Accounts app, available for iPhone and Android, or access the web service.
Identify as a parent or guardian. The system requests verification of the adult's identity and their relationship with the minor. It also allows checking if the Department of the Treasury has already automatically created an account.
Review the child's information. It will be necessary to confirm details such as name, date of birth, Social Security number, and address, following the system’s guidelines.
Request the $1,000 when appropriate. Families with eligible minors must make the specific selection for the pilot program using IRS Form 4547. This choice does not occur automatically just because an account has been created.
Complete the activation. Once the information has been processed and validated, the responsible party will receive instructions to complete the activation and manage the funds.
The IRS also allows the procedure to be completed online from the taxpayer's personal account, using the ID.me identification system.
Those who have already correctly submitted Form 4547 with their 2025 tax return do not need to automatically resubmit it. They should check the status of their application and follow the official activation instructions when they receive them.
If a family forgot to apply for the $1,000 pilot contribution for an eligible child, they can submit a new specific choice according to the program's instructions.
Can the children of Cubans living in the United States benefit?
Yes. Cuban families residing in the United States can benefit from the program as long as they meet the corresponding requirements, but it is not necessary for the parents to be U.S. citizens to manage a Trump Account.
The IRS allows the authorized adult to use their Social Security number or, in certain circumstances, their Individual Taxpayer Identification Number (ITIN).
This provision is particularly relevant for families with mixed immigration status, where the children may have U.S. citizenship while their parents hold a different nationality or have a different immigration status.
There is also an important difference between the requirements of the general account and those of the federal contribution.
To have a Trump Account, the minor must meet the age criteria and have a valid SSN for work. U.S. citizenship is not a general requirement for the account, but it is mandatory to receive the $1,000 from the pilot program.
Therefore, a minor born in Cuba who has a valid SSN and meets the age requirements could have an account even if they are not yet a U.S. citizen. However, that does not mean they are entitled to federal benefits.
Minors who only have an ITIN, without a valid SSN, do not meet the identification requirement needed to open a Trump Account.
More than $4.5 billion deposited: this is how money works
The White House assured that the program has already accumulated over $4.5 billion in contributions since its launch in July.
Of that total, approximately $1.3 billion comes from federal contributions of $1,000, over $600 million originates from family members and individuals, and another $2.6 billion is related to philanthropic donations.
Families can make additional contributions of up to $5,000 annually, subject to the established limits. Employers can also contribute up to $2,500 per year through the mechanisms provided in the legislation, but those contributions generally count toward the annual limit of $5,000.
The federal contributions from the pilot program and certain qualified donations have different rules and are not deducted from that ordinary limit.
The accounts invest in instruments linked to the U.S. stock market, such as index funds that track indices of companies in the country. Their goal is to allow capital to grow over many years through long-term investment.
However, performance is not guaranteed. The value of funds may increase or decrease depending on the fluctuations of the financial market.
The program has also received significant commitments from the private sector. In December 2025, CiberCuba reported on the $6.25 billion donation announced by Michael and Susan Dell, aimed at benefiting millions of children through additional contributions based on their own eligibility criteria.
When will the children be able to use that money?
Trump Accounts do not function like a checking account from which parents can withdraw money to pay for food, rent, or other daily expenses.
During minority age, withdrawals are generally restricted. The money remains invested and under the management of the authorized adult.
When the beneficiary reaches the age specified by the program, the account will generally be governed by the regulations of a traditional individual retirement account, known as an IRA.
This means that withdrawals can have tax consequences and, in certain cases, may be subject to an additional 10% tax for early distributions. The legislation includes exceptions for specific circumstances, such as certain higher education expenses or the purchase of a first home.
Therefore, the tax benefit of these accounts should not be confused with the ability to withdraw all the money tax-free upon turning 18.
How to verify the request and avoid potential scams
Families that have submitted Form 4547 can check their status from the official IRS account in the section related to Trump Accounts.
The system allows for checking whether the application is in process or if there is any issue that needs correcting the information of the minor or the responsible adult.
In the face of potential fraudulent messages promising immediate deposits of $1,000, it is advisable to go directly to TrumpAccounts.gov or IRS.gov, without providing Social Security numbers, passwords, or personal documents through unknown links.
The announcement made by Trump significantly expands the scope of children's investment accounts in the United States. For millions of families, including those of Cuban descent, the next step will be to verify that their children meet the requirements, claim the available accounts, and request the contributions they are truly entitled to.
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