Trump Accounts are meant to help Americans start "investing in the American dream" from day one. So, the federal government is giving $1,000 to people who open accounts for their newborn children.
Eligible children are U.S. Citizens under 18 years of age at the time of application who have a valid Social Security number. The $1,000 is part of a pilot program specifically for children born between Jan. 1, 2025 and Dec. 31, 2028 — or during President Trump's second term.
Oklahoma lawmakers, in an effort to incentivize state residents to participate in the free program, promised an additional $250 contribution earlier this year through House Bill 4079 for those who sign up.
Setting up the account is meant to be simple. First, head to the Internal Revenue Service website, sign in or create an account with ID.me, and fill out and submit Form 4547, which will ask for the name of each eligible child, their address and other identifying information. The form should also be completable at the time of filing your taxes.
Oklahomans who are wondering about that extra money promised by the state should hang tight, for now. Lara Blubaugh, spokesperson for the Office of the State Treasurer said getting the money into people's accounts is a work in progress.
"We're definitely aware and we have a process in place to get everything set up as far as that distribution," Blubaugh said. And then we're also working on a form. But we have to establish what information we need to put on the form."
The form will be very similar to the one provided by the IRS and meant to make sure the information is consistent at every level, Blubaugh said. She says the state and federal treasuries are working together to build it, and that it should be available sometime in early 2027, coinciding with a new state treasurer.
Cindy Byrd will face Libertarian Kiefer Perry in November's general election after Byrd took more than 60% of the vote in the Republican primary against incumbent Todd Russ. No Democrats ran for the office.
In the meantime, Oklahomans can sign up for alerts sent directly from the state treasurer's office notifying them when the form is available to submit.
