Millions of families have already signed up, and millions more are asking the same practical questions: does my child qualify, how do I claim the $1,000, and is this better than the 529 plan we already have?

Most coverage explanations answer these questions in tax-professional language. Here are the essentials in plain terms, including one state-level catch that could surprise you at tax time.

Quick Answer: Who Qualifies for a Trump Account?

Any child who is a U.S. citizen with a valid Social Security number can have a Trump account, as long as it is opened before the year they turn 18. The one-time $1,000 federal seed contribution is narrower: it goes only to eligible children born between January 1, 2025, and December 31, 2028. Parents or guardians claim it by submitting IRS Form 4547, which can be filed through the Trump Accounts app, at trumpaccounts.gov, through an IRS Individual Online Account, or when filing taxes. Once the Treasury confirms the account is active, it deposits the $1,000.

What Your Child Gets, by Birth Year

The seed money depends entirely on when your child was born.

Dozens of companies, including several major banks and technology firms, have pledged to match the federal $1,000 for employees' children. If you or your child's other parent works for a large employer, it is worth asking human resources before assuming the seed money is all your child will receive.