Parents of more than four million children have claimed Trump Accounts, according to a report.

The tax-deferred investment accounts for children were instituted by President Trump's One Big Beautiful Bill Act last year, providing a $1,000 contribution from the federal government for all children born to U.S. citizens between Jan. 1, 2025, and Dec. 31, 2028, the Washington Examiner reported.

Parents can claim the accounts for their children either through an IRS portal or by filing Form 4547 with their federal tax returns. Per IRS data reviewed by the news outlet, 983,784 children have qualified for the $1,000 bonus via Form 4547 through Wednesday.

Parents with children born before Trump’s second term can also claim Trump Accounts, but they won’t receive the $1,000 in federal seeding. In total, 4,031,827 children were listed on Forms 4547 for 2025 as of Wednesday, according to IRS data.

Annually capped contributions can be added to the accounts by parents, friends, companies, and philanthropists starting on July 4.

White House spokeswoman Olivia Wales told the Examiner on Thursday that “President Trump delivered the largest middle-class tax cut in history — and American families across the country are reaping the benefits.”

“The Working Families Tax Cut created Trump Accounts, to invest in the next generation of American children; enacted No Tax on Tips, No Tax on Overtime, and No Tax on Social Security to put more money back in hardworking Americans’ pockets; and increases the child tax credit,” Wales said in a statement. “After four years of economic pain under the Democrats, President Trump is making everyday life more affordable for working families and the best is yet to come.”