politics
Tax-Advantaged Savings Accounts for U.S. Children Launched July 4
The accounts allow annual family contributions of up to $5,000 for children 18 and younger, with a one-time $1,000 Treasury deposit for those born 2025-2028. Funds grow tax-deferred in U.S. stock funds and convert to traditional IRAs at age 18.
Jul 12, 9:00 AM·1m read1 source
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Trump Accounts were officially launched on July 4. Fox News reported that the accounts are tax-advantaged investment vehicles for children in the United States designed for long-term retirement savings. Eligible children born from 2025 through 2028 can receive a one-time $1,000 contribution from the U.S.
Treasury Department after an account is opened. Families can contribute up to $5,000 per year, with the money invested in U.S. stock funds and allowed to grow tax-deferred. Employers can contribute up to $2,500 per worker each year, counting toward the annual limit.
Qualifying charities, philanthropists, and state and local governments can make additional contributions that do not count against the $5,000 cap. The accounts are available for children aged 18 or younger who are U.S. citizens with work-authorized Social Security numbers.
Parents, legal guardians, grandparents, adult siblings, and other authorized individuals can open an account. Funds generally cannot be withdrawn before age 18, when the account converts into a traditional IRA. Maryland Gov.
"The View" co-host Sunny Hostin praised Trump for "good policies" on fertility care and child savings accounts.
