4 Million Children Have Been Signed Up For Trump Accounts: IRS Authored by Naveen Athrappully via The Epoch Times, American taxpayers have signed up over 4 million children to the tax-advantaged Trump Accounts, and more than 1 million of those accounts have elected to receive the $1,000 pilot contribution from the government, the IRS said in a March 31 statement. “Contributions to Trump Accounts c...
4 Million Children Have Been Signed Up For Trump Accounts: IRS Authored by Naveen Athrappully via The Epoch Times, American taxpayers have signed up over 4 million children to the tax-advantaged Trump Accounts, and more than 1 million of those accounts have elected to receive the $1,000 pilot contribution from the government, the IRS said in a March 31 statement. “Contributions to Trump Accounts can be made starting July 4, 2026. All eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations, and individuals, subject to an annual limit,” the IRS said. The Trump Accounts, formally the Invest America accounts, were established under the One Big Beautiful Bill Act signed into law by President Donald Trump in July last year. Every child under 18 who is a U.S. citizen and has a valid Social Security Number is eligible to open a Trump Account. In addition, any child born between Jan. 1, 2025, and Dec. 31, 2028, can get an initial seed contribution of $1,000 from the government. According to a March 9 proposed rule from the IRS published in the Federal Register, contributions to Trump Accounts are, in general, subject to an annual limit of $5,000. Employers can contribute up to $2,500 annually to the Trump Accounts set up by their employees, which will count toward the $5,000 annual threshold. Contributions from the government and nonprofits made via the Treasury Department are not counted in the $5,000 limit. The annual contribution limits will be indexed to inflation, with adjustments starting after 2027. Generally, funds in Trump Accounts cannot be withdrawn prior to the child turning 18. After hitting this age, account holders can withdraw the funds for certain qualified purposes such as paying for tuition, purchasing a home, or starting a business. Funds from the Trump Accounts can be invested only in certain “eligible investments,” such as a mutual fund or exchange-traded fund that tracks stock i...