Eligible American children already have Trump Accounts set up in their name, and some families have claimed $1,000 in seed funding.
But when do they get to access their savings?
Who gets $1,000 Trump Accounts?
A one-time seed funding amount of $1,000 from the U.S. Treasury is available to Trump Accounts of eligible American children.
This is limited to American children with valid Social Security Numbers born between Jan. 1, 2025 and Dec. 31, 2028.
Who gets to withdraw from Trump Accounts?
Trump Accounts are set up in your child's name, with parents, friends, family and employers eligible to contribute up to $5,000 a year.
Parents are custodians for the account until the child turns 18, at which point control is turned over to the child for withdrawals.
When can I use my Trump Account funds?
Money can be withdrawn from the account when the child turns 18.
What can I use my Trump Account money for?
Money
from your Trump Account can be used for "qualified expenses" like first home purchases or education, per the Trump Account website.
These withdrawals could be subject to restrictions and ordinary income rate taxation.
Kaitlyn McCormick is a Philadelphia-based reporter writing all things cost of living related for USA TODAY.
This article originally appeared on USA TODAY: Trump accounts for kids: how and when can families withdraw the money?
