Here’s how parents can get $1000 for their child with a Trump account – WSTM
WASHINGTON (TNND) — If parents file and fill out a new tax form, their child can get $1,000 through the new Trump account program.
Parents with a child that was born in 2025 or a child coming in 2026 will have to use the IRS Form 4547 if they want to establish the savings plan.
In order to qualify for the program, the child has to be a U.S. citizen, have a social security number and has to be born between 2025-2028.
William Elliott III, a professor of social work at the University of Michigan, told USA Today in an interview that he thought child development accounts were good and could raise expectations about the kids going to college.
“Build your child’s financial foundation right from the beginning,” the Trump Accounts page reads.
“With $1,000 from the U.S. Treasury, your child has a huge head start on the American dream.”
The IRS issued guidelines earlier this month regarding the Trump accounts and how the process works.
“Certain governmental entities and charities may also make qualified general contributions to Trump Accounts, if given to a qualified class of account beneficiaries,” the IRS page reads.
“Other persons are also able to make contributions up to an aggregate limit of $5,000 per year.”
The funds in the Trump accounts have to be invested in mutual funds or exchange-traded funds.
“Amounts generally cannot be withdrawn from Trump Accounts before January 1st of the calendar year in which the child turns 18 years old,” the page reads. “After that point, the account generally is treated as a traditional IRA and generally is subject to the same rules as other traditional IRAs.”
