IRS Issues New Guidance on 'Trump Accounts': How Eligible Children Can Receive a $1,000 Government Deposit

IRS Issues New Guidance on 'Trump Accounts': How Eligible Children Can Receive a $1,000 Government Deposit

A new savings initiative designed to give American children a financial head start is moving closer to reality. The Internal Revenue Service (IRS) and the US Treasury Department have released updated guidance explaining how families can enrol their children in so-called 'Trump Accounts', a programme that includes a one-time $1,000 government contribution for eligible newborns. The announcement marks a key step toward the programme's official lau…

IRS unveils proposed regulations for new Trump Accounts savings program

The IRS and Treasury Department on Friday put forward new proposed rules and processes that cover the implementation of Trump Accounts for parents and guardians who want to use the savings accounts for their children. Trump Accounts were created under the One Big Beautiful Bill Act that was enacted last year and is expected to open for contributions after July 4, 2026. Ahead of the official launch of the accounts – which may be opened for childr…