Trump Accounts are officially here, and they seem to be everywhere. Nearly 70 million accounts have been created, including more than 60 million through automatic enrollment.

But an account that was automatically opened is not quite ready to use. A parent, grandparent, or guardian must claim the child’s account through the Trump Accounts app before the family can manage it and make contributions.

Families should also remember that the $1,000 federal contribution requires an additional step. It is available for eligible US citizen children born from 2025 through 2028, but a parent or other authorized person must elect the contribution on Form 4547, which can be done through the app.

Once an account is claimed, parents, grandparents, other family members, friends, and employers can contribute. The combined limit for family and employer contributions is $5,000 for 2026.

This is the third post in my Trump Accounts series. If you want to know more, check out my earlier posts, “Trump Accounts Are Coming in July! Here’s What You Need to Know Now,” which explains how the accounts work, and “New IRS Guidance Addresses Gift Tax Questions for Trump Accounts,” which covers gift tax considerations for parents, grandparents, and other contributors.

For parents and grandparents who have been hearing about Trump Accounts, the next steps are practical. Find out whether the child’s account has been opened, claim it, elect the $1,000 contribution if the child qualifies, and consider whether contributions should become part of your family’s annual gifting plan.

Trump Accounts are here. Now it is time to put them to work.