Trump Accounts: New IRS Rules for Savings
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IRS Unveils Trump Account Rules: Pro-Family Savings for Kids
The IRS and Treasury Department have released proposed rules for Trump Accounts, set to open for contributions after July 4, 2026. These accounts, designed for parents and guardians saving for children, are eligible for kids born between January 1, 2025, and December 31, 2028, plus any under 18 born earlier. Families can open an account by filing a simple one-page Form 4547 by December 31 of the childs 17th year. Eligible children can also request a $1,000 federal seed contribution. The account holder, or responsible party, manages investments until the child reaches legal age and can roll over funds or appoint a successor. The IRS views this as a pro-family initiative to build wealth for future generations.
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