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The Trump Accounts App Is Here. When Can You Get Your First $1K?

By U.S. News & World Report

The Trump Accounts app launched on Thursday, May 28, following an announcement by the U.S. Department of the Treasury. Created by Bank of New York Mellon and Robinhood, the app is now available for download nationwide via the Apple App Store and Google Play.

The app acts as a platform for parents and legal guardians who have already signed up their children for Trump Accounts to complete their account activation setup.

“The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one,” Treasury Secretary Scott Bessent said in a statement. “By putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation.”

[Read: Could Trump’s $1K Retirement Accounts for Babies Replace Social Security? What the Experts Say]

The New Trump Accounts App: Can Americans Start Saving?

Families will have to wait a bit longer before they can begin saving through Trump Accounts. The program will officially launch on July 4, 2026, with the next phase of the rollout now underway.

Also beginning July 4, eligible children will start receiving the $1,000 pilot program contribution deposited to their account, according to the U.S. Department of the Treasury.

Parents and legal guardians who have already submitted IRS Form 4547 to enroll their children for Trump Accounts will begin receiving emails with instructions to complete account setup and activate their accounts.

Accounts can be activated through the Trump Accounts app or by visiting TrumpAccounts.gov.

[Read: A $100K Social Security Cap Proposal: What to Know and How to Protect Your Retirement]

Trump Accounts Eligibility: Who Qualifies for the $1,000 Savings?

Trump Accounts were first introduced as part of President Donald Trump’s One Big Beautiful Bill Act. The White House describes them as “tax-advantaged savings accounts” designed to help secure the financial future of American children.

Parents or legal guardians can begin opening a Trump Account by filing IRS Form 4547. Eligible children, which Trump Accounts define as U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028, will receive a $1,000 government deposit.

Parents and others can contribute up to a combined $5,000 annually. Additional contributions from states, employers and charities are also expected to be allowed. Government and charitable contributions won’t count toward the annual cap, but employer contributions will.

Employer contributions will initially be capped at $2,500 per year, with both employer and total contribution limits adjusted annually for inflation beginning after 2027.

Contributions are not tax-deductible, and funds can’t be withdrawn until the account holder turns 18.

[See: 10 Best Tax Software Companies of 2026]

An Alternative Savings Vehicle for Your Children

Parents and guardians have another option when saving for their children’s future: a 529 plan. This is a long-standing education savings account that offers different tax advantages than Trump Accounts.

A 529 plan allows for funds to grow and be withdrawn tax-free when used for qualifying education expenses. While contributions to 529 plans aren’t deductible on federal taxes, some states do offer state income tax deductions for residents who contribute.

By comparison, Trump Accounts don’t offer tax-deductible contributions, and withdrawals are subject to income tax. Their main tax benefit is that they grow tax-deferred, and investment gains aren’t taxed until the money is withdrawn.

Feature Trump Accounts 529 Education Savings Plan
Initial government match $1,000 pilot contribution (born 2025-2028) None (note: plan details vary by state)
Annual contribution cap $5,000 (employer match cap $2,500) Up to $19,000 for 2026 (without impacting gift tax exemption)
Tax benefits Tax-deferred growth Tax-advantaged growth and withdrawals for qualified education expenses (states may offer tax-advantaged contributions)
How to use the funds Unrestricted once child reaches age 18 Restricted to eligible education expenses (one-time $35K Roth IRA rollover). Can be transferred to new beneficiary.

Contribution limits also differ significantly between the two accounts. Trump Accounts cap annual contributions at $5,000. For a 529 plan, parents can contribute up to $19,000 per person for 2026 without it affecting their lifetime gift tax exemption.

A 529 plan can offer more flexibility for unused funds. If the money isn’t needed for education expenses, up to $35,000 can be rolled over into a Roth IRA in certain circumstances. A 529 can also be transferred to another family member. However, withdrawals used for nonqualifying expenses are subject to regular income taxes and a 10% penalty.

Trump Accounts do provide broader savings options that aren’t tied to education costs. But the accounts also offer fewer tax advantages than 529 plans. They become available to the child at age 18.

More from U.S. News

Savings Gap: Who Is Saving the Most and Who Needs to Catch Up?

What Is a Savings Account?

IRA Rules: Contributions, Deductions, Withdrawals

The Trump Accounts App Is Here. When Can You Get Your First $1K? originally appeared on usnews.com

As Chicago rethinks its monuments, an artist surrounds George Washington with ‘Other Washingtons’

By CNN
Chicago (CNN) — In Chicago, a lone statue of George Washington is now surrounded by “Other Washingtons,” which take the form of blue flags bearing the faces of Black Americans who bear the same last name. They include a range of notable figures and local heroes, such as the inventor George Washington Carver, Academy Award-winner Denzel Washington, architect Roberta Washington, and South Side school band leader Benjamin Washington.Who is worthy of a monument? That question circulated across the United States six years ago as the country reckoned with racial injustice in the aftermath of the killing of George Floyd, including who is represented by, or excluded from, our public symbols. Statues of controversial figures were vandalized and taken down, with more than 160 Confederate works removed from public spaces in 2020.Chicago has offered its own answer: to commission new monuments or respond to existing ones, based on internal research that found the city had gaps in representation of gender and race. This year, its Department of Cultural Affairs and Special Events (DCASE) is unveiling a spate of new artist commissions, called the Chicago Monuments Project.“Other Washingtons,” which opened on Thursday in Washington Park, on the city’s South Side, was conceptualized by artist and architect Amanda Williams and is the second so far to be completed. It asks community members to think of the Washingtons that matter to them, with flags and accompanying banners telling their stories and that will rotate out annually for three years.The project is meant to represent “a living archive,” said Kenya K. Merritt, a commissioner from DCASE, in a statement. It “can continue to grow, reflect community memory, and make space for stories that are less widely known.”The design is modeled after the flags that surround the Washington Monument in the nation’s capital, and the colors Williams chose — blue, cream, chocolate and salmon — reference a color palette developed by George Washington Carver, that the artist has explored as part of a larger body of work on the scientist.Depicting Washington on horseback during the Revolutionary War, the original monument has been there since 1904, and is actually a replica of one gifted to France. For a long time, the statue was fenced in after it was vandalized in June 2020. Monuments to Washington and other Founding Fathers were targeted by anti-racist protestors. Washington himself had hundreds of slaves at his home and plantation in Virginia. With the statue in Chicago located in a predominately Black neighborhood, Williams believes it doesn’t fully represent the community in which it resides.“How do you make the site relevant again?” That was the question on her mind when she received the commission, she explained in an interview at the opening event. “What does it mean to not touch him, but to make something that will maybe obscure him?”A monument to manyWilliams’ idea began to take shape with census research, finding that Washington has long been one of the top surnames almost entirely associated with Black Americans. In the 2000s, it reached the top spot, with around 90% of Washingtons identifying as African American. (In the 2020 census, the surname was outranked only by Pierre, though Washington is a much more common name.)It became clear to her then that she could monumentalize many Washingtons who might be more meaningful to passersby, from musicians and athletes to politicians and local heroes. In collaboration with the educator and nearby Englewood resident Candice Washington, who is curating the project, they launched a website to ask for collective input.“It allows the community to really take ownership,” Williams said. “They need to know these are their stories.”“Other Washingtons” is one of eight commissions planned across the city as part of the Chicago Monuments Project, which has received $6.8 million from the Mellon Foundation. Last month, markers around the city were completed to commemorate the victims of the Chicago Race Riot of 1919. Other commissions include a monument to honor Native voices, a sculpture of gospel singer and Civil Rights activist Mahalia Jackson, and a site to recognize the survivors who were tortured by the Chicago Police Department during the 1970s-1990s.But the initiative is bearing the fruits of its labor during President Trump’s second term, when the federal government, in contrast, has doubled down on honoring figures traditionally exalted in US history and is funding such monuments at a breakneck pace. The White House has announced a location for its long-planned National Garden of American Heroes, added sculptures of the Founding Fathers to a newly paved Rose Garden, regilded existing mythological statues by Leo Friedlander, and is pursuing a 250-foot-tall triumphal arch that would dwarf the Lincoln Memorial.Chicago mayor Brandon Johnson, who spoke at the opening of “Other Washingtons,” hopes that the city can set an example through the Chicago Monuments Project.“Through this initiative, Chicago sets a national model for how cities can invest in public art to preserve history, strengthen communities, and inspire real dialogue,” said Mayor Brandon Johnson in his public remarks. “‘Other Washingtons’ expands our understanding of our history and honors the many Washingtons who contribute and have shaped this city, and that will continue to inspire future generations.”At the event, some of those honored and their families were present. The local band leader Benjamin Washington was there, who Williams had not yet met. She ran up to introduce herself and shake his hand before speaking at the podium. After the remarks, different Washingtons smiled and took photos beneath their banners, wearing stickers that said “I’m a Washington.”“My name is Sonya Washington,” one woman said, pointing up to a banner as she introduced herself. “You can find me up there.”The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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