Governor Kay Ivey said Wednesday she is encouraging Alabama families to participate in Trump Accounts “to help their children build long-term financial security,” according to a press release from Ivey’s office. Trump Accounts, which launch July 4, 2026, are tax-advantaged investment accounts for U.S. citizens under 18.
“As we prepare to celebrate America’s 250th birthday, I thank President Trump for championing an initiative that invests in the future of our nation’s children,” Ivey said. “Trump Accounts will give Alabama families a unique opportunity to help their children take an early step toward achieving the American Dream. I encourage parents and grandparents across the state to take advantage of this opportunity and help give the next generation a strong start.”
Every American child born between January 1, 2025, and December 31, 2028, is to receive $1,000 in their Trump Account from the U.S. Treasury.
“A child’s account will grow with them. A combination of time in the market and optional contributions will boost the account until a child turns 18, when they can use the funds for big life expenses, such as their first home or higher education, with all the tax advantages of a traditional IRA. Individual contributions can be up to $5,000 per year to maximize growth,” the release said.
“Along with growing their finances, a child will learn about investing and how money compounds over time. When they turn 18, the account will be transferred to their control, and they can use the money to get a leg up on life, or they are free to continue letting it grow. Once they start earning their own income, they can make contributions to their Trump Account,” the release said.
Families interested in starting the process can fill out IRS Form 4547. For more information about Trump Accounts, contact the Trump Account call center at 866-USA-4547 or visit trumpaccounts.gov.
