(NEXSTAR) – President Trump touted the so-called "Trump accounts" for kids on Wednesday alongside billionaires and celebrities, months before the accounts are expected to launch fully. Also speaking at the summit, according to Nexstar's The Hill, are Treasury Secretary Scott Bessent, White House press secretary Karoline Leavitt, rapper Nicki Minaj, Sen. Ted Cruz (R-Texas), Rep. Jason Smith (R-Mo.) and Cheryl Hines, the wife of Health and Human Services Secretary Robert F. Kennedy Jr. You can watch the full event live here. Here's what to know about Trump accounts. Established under the One Big Beautiful Bill Act last year, the accounts are meant to establish a savings fund for your child to tap into for certain expenses after they turn 18. The funds are much like retirement accounts, accepting contributions from yourself and your employer (among other parties) that are invested and grow until maturity. Any U.S. child under the age of 18 with a Social Security number qualifies for a Trump account. You will also have to share your personal information – name, Social Security number, and address – to establish yourself as the "responsible party for the Trump account." Trump accounts will be treated much like retirement accounts. There are four methods by which funds can be added to the account: federal seed funds, donations from adults in the child's life, donations from "wealthy Americans" and philanthropic efforts, and contributions from state governments. Children who are born between January 1, 2025, and December 31, 2028, are eligible to receive $1,000 in seed money from the Treasury Department under an optional pilot program. If your child is under the age of 10, but too old to qualify for that contribution, they may qualify for a one-time payment of $250. Connecticut children who meet certain restrictions may receive an additional $250. Contributions from friends, family members, and other adults 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. The first contribution to "Trump accounts" cannot be made until after July 4. 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 turns 18, they can withdraw funds to purchase a house, start a business, or pay for schooling. There may be additional tax on early distributions from the account, and the IRS notes that there may be exceptions, "such as for distributions for higher education expenses or first home purchases." An online portal in which you can register your child for a Trump account is expected to open this summer. In the meantime, however, you can register via your 2025 tax filing. 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.). You'll need your information, as well as your child's – or children, if you're registering more than one. You will also be asked if you would like to receive the optional $1,000 seed money from the Treasury, should your child qualify. More details about Form 4547 can be found here. As mentioned above, you can register your child or children for an account as you file your taxes this year. 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. Trump accounts officially launch on July 5, 2026.