(NEXSTAR) -- Millions of children have now been automatically enrolled in Trump accounts as part of new rules rolled out by the Treasury Department, officials have confirmed. The department said last month that accounts would be created for more than 60 million children.

The move was, in part, to allow a $6.25 billion contribution pledge from Michael Dell to reach more eligible children, The Hill reported in September. Prior to the auto-enrollment, Trump accounts had been established for roughly 7 million children.

As many as 70 million may qualify, according to Treasury Secretary Scott Bessent. The Treasury Department confirmed Thursday that automatic enrollment had been completed.

"This is a transformative milestone in the Trump Administration's effort to give every American child the opportunity to build generational wealth and jump-start their financial future," Bessent said in a press release. Here's what to know if your child has been automatically enrolled.

If you did not previously your child for a Trump account, either online or via your taxes, and they're among the more than 60 million children that have been automatically enrolled, you will need to claim the account before contributions can be made.

To do so, according to the Treasury Department, you'll need to download the Trump Accounts app, which is available for iOS and Android devices.

There, you will have to verify your identity and relationship to the child, review their information, and accept account terms.

If your child additionally qualifies for a $1,000 one-time contribution from the Treasury Department, you will still need to establish their account and request the seed money.

These funds are only available for children born between January 1, 2025, and December 31, 2028.

Any U.S. child with a Social Security number who is under the age of 18 qualifies for a Trump account.

If their Social Security card reads "Valid for Work Only with DHS Authorization," the IRS says their Social Security number is considered "valid only as long as the DHS authorization is valid." The age of your child and where you live will also impact whether or not they receive seed funds to kickstart their account. Millions qualify for at least $250 in seed money. Essentially anyone, though there are limits on certain contributions.

Seed funds from the local, state or federal government, as well as philanthropic efforts, can be added to accounts. These funds do not count toward contribution caps. Contributions can also come from you, friends, family and other adults, though these funds have a $5,000 annual cap. Your employer can make contributions, with an annual cap of $2,500, which counts against the aforementioned $5,000. Previously announced employer contributions from several companies are also available.

These caps will be adjusted yearly based on inflation, the IRS said. When your child turns 18, they can use the accrued funds for education costs, a home purchase or to start a business. 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." Like retirement accounts, this will vary. Let's say you start an account for your child, who is eligible to receive the $1,000 seed funds from the Treasury, but no additional contributions are made.

If the S&P 500 continues its annual growth rate of 10.5%, Treasury Secretary Scott Bessent previously predicted the account could grow to roughly $600,000 by the time your child reaches retirement age. An analysis by the Council of Economic Advisers suggested the account of a child born in 2026 could be worth more than $300,000 by the time they turn 18 if the maximum annual contributions are made. By 28, the account could be worth more than $1 million, under a high-yield scenario.

The IRS explains that the "growth period" for the accounts will end on Dec. 31 of the year before the child turns 18.