The IRS and Treasury Department have issued guidance on Trump accounts, a new type of individual retirement account (IRA) for children, the IRS said in a Dec. 2 statement.
The tax-advantaged Invest America accounts, commonly referred to as “Trump accounts,” were established under the One Big Beautiful Bill Act signed into law by President Donald Trump in July. The plan aims to provide every newborn child with a “head start toward lifelong financial security and the American Dream,” the White House said in a Dec. 2 statement.
Any child younger than 18 who is a U.S. citizen and has a valid Social Security number may open a Trump account. In addition, children born between Jan. 1, 2025, and Dec. 31, 2028, will receive a $1,000 initial seed contribution from the government, according to the joint guidance issued on Dec. 2….
IRS, Treasury Issue Guidance on Trump Accounts
