Step-by-step guide to signing up for Trump Accounts

Long Island children born from 2025 to 2028 can qualify for $1,000 from the federal government as part of the new Trump Accounts program.

But first their parents must navigate a multistep process across multiple websites and a new mobile app, where families will be able to manage the investment accounts. 

The program's debut on July 4 adds a new option for families to save for their children's future, but it also has created questions for Long Island parents about where they should invest their money. Local financial advisers told Newsday parents of children who qualify for the $1,000 should certainly take advantage of the federal deposits. 

On Wednesday, the U.S. Treasury Department announced that the initial and default investment option for the deposits will be a low-cost, exchange-traded fund that tracks the S&P 500 index called State Street SPDR Portfolio S&P 500 ETF. It trades under the stock ticker SPYM.

Investors will also be able to allocate money to four additional exchange-traded funds managed by Blackrock, Vanguard and State Street at some point in the future, according to the announcement. Those funds also track major U.S. stock indexes. 

Beyond the government's $1,000 deposit, parents must consider the purpose behind their investments and consider future taxes when deciding where to save. The popular 529 college savings program offers greater tax advantages for families planning to use the money for educational expenses, David Frisch, CEO of Frisch Financial in Melville, Newsday previously reported.

For those interested in creating a Trump Account, here's a step-by-step guide, according to guidance from the Trump administration.

Go to TrumpAccounts.gov

Click the link to "Fill out Form 4547," an IRS form required to open the accounts. Many families completed this step in filing their tax returns but may have to take steps described below to activate their account.

It’ll send you to the IRS website

The IRS asks users to sign in to complete the form, which requires users to use or create an ID.me account, a digital login operated by a McLean, Virginia-based company that's used by dozens of federal and state agencies, to complete the form online.

Once you’ve created an ID.me account, you will use that login to sign in on the IRS website and complete Form 4547 online.

The form requires submitting your child's Social Security number, date of birth and address among other information.

Waiting for account confirmation

Families registering then must wait for an email confirming their child's account has been processed.

The Treasury Department advises that activation emails will only come from the address no-reply@TrumpAccounts.Treasury.gov. A Trump Accounts call center can field questions about account creation at 1-866-USA-4547, according to the Treasury Department.

Activating your account

After receiving the confirmation email, users can set up their account through a mobile app available in the Apple App Store and Google Play. Others who don't have access to a mobile device or prefer to access the account on the web can use trumpaccount.com to log in.

Activating the account requires users to reenter their child's Social Security number and birth date.

Starting July 4

Beginning July 4, parents, family members, employers and charities will be able to start making contributions. The $1,000 deposits will also hit accounts as early as July 4.

Haven’t set an account up yet? Families who still need to submit IRS Form 4547 can do so any time before the start of the year when a child will turn 18.