IRS Announces $1,000 Contributions for Eligible Children in Trump Accounts Program
The IRS has announced that over one million children are eligible to receive a $1,000 contribution as part of the Trump Accounts program. This initiative, established under the One, Big, Beautiful Bill, aims to create savings accounts for minors to promote long-term wealth building. Eligible children, born between January 1, 2025, and December 31, 2028, must be U.S. citizens and qualify as dependents for federal tax purposes. The program allows contributions from individuals, employers, and certain organizations, with an annual cap of $5,000 per child. The funds are limited to specific investment options, primarily low-cost index mutual funds or ETFs.