(NEXSTAR) – Tax season is nearly upon us, and if you’re a parent of non-adult children, this could be an important filing for you: you’ll be able to register your child for a Trump Account.

While the main aspect of the investment accounts — the contribution of funds — isn’t expected to start until this summer, officials say taxpayers will be able to opt into the program while filing their 2025 taxes.

Established as part of the One Big Beautiful Bill Act, the accounts are intended to give children a savings fund for certain expenses once they turn 18. Like retirement accounts, the funds within the accounts will be invested in as the child grows.

Unlike 529 accounts, another savings account you can establish for your child, the money that accrues in a Trump Account can be used for more than education costs. Once your child becomes an adult, they can withdraw funds to purchase a house, start a business, or pay for schooling.

The first contribution cannot be made until after July 4. However, you’ll have the chance to file to open the account while completing your taxes.

How to apply for a Trump Account

According to the IRS, you will need to fill out Form 4547 (a nod to Trump being the 45th and 47th president of the U.S.).

The form requires your information – name, Social Security number, and address – which will establish you as the “responsible party for the Trump Account.” Then you’ll need the same information for your child. There is space on the form for two children.

You will then have to decide if you would like to receive the $1,000 seed money from the Treasury Department, which is only available to qualifying children born between January 1, 2025, and December 31, 2028. The pilot program contribution is optional.

All children who are under the age of 18 are eligible for a Trump Account, as long as they have a valid Social Security number.

More details about Form 4547 can be found here.

An online portal in which you can register your child is expected to open this summer.

How are contributions made?

The first contribution to Trump Accounts cannot be made until after July 4. Officials previously announced that, come May, parents who sign up will get information about how to finish opening the accounts. Beginning in July, the White House says it will have a website where parents can register for the accounts.

There are four ways contributions can be made: seed funds from the federal government, donations from adults in the child’s life, donations from “wealthy Americans” and philanthropic efforts, and contributions from state governments.

Children who are 10 or younger, but too old to qualify for the $1,000 Treasury contribution, can receive a one-time payment of $250 (if they meet other restrictions), funded by a $6.25 billion donation from one of the wealthiest Americans. Connecticut children who meet the same requirements will receive an additional $250 through another philanthropic donation.

Contributions from friends, family members, and others will be capped annually at $5,000. Employers can contribute up to $2,500 annually to the account of an employee’s child, though it will count against the $5,000 limit, the IRS explains. These caps will adjust annually based on inflation.

Contributions from governmental entities and charities do not count toward the cap.

How large could the accounts grow?

It will vary, of course.

Last month, Treasury Secretary Scott Bessent said that, if the S&P 500 continues its annual growth rate of 10.5%, the Treasury’s one-time deposit of $1,000 into the account could turn into roughly $600,000 by the time the child reaches retirement age.

He added that, based on an analysis by the Council of Economic Advisers, the accounts could be worth more than $300,000 by the time the child (born in 2026) turns 18 if the maximum annual contributions are made. By 28, the account could be worth more than $1 million, under a high-yield scenario.

These estimates could fluctuate based on investment yields and whether contributions increase or decrease.

Funds cannot be withdrawn until the child turns 18. The IRS explains that the “growth period” for the accounts will end on December 31 of the year before the child turns 18.

Like IRAs, there could be an additional tax on early distributions from the account. The IRS notes in its instructions for the accounts that there may be exceptions, “such as for distributions for higher education expenses or first home purchases.”