The Trump Accounts app launches today. Here's what to know.
Summary
The Trump Accounts app is now available for parents to manage special investment accounts for their children born between 2025 and 2028. These accounts receive a $1,000 government contribution and allow families to save money for the child’s future, such as education or buying a home.Key Facts
- The Trump Accounts app launched today and can be downloaded from Apple App Store, Google Play, or TrumpAccounts.gov.
- The U.S. government gives each eligible child a $1,000 starting deposit in their account.
- Parents or guardians manage the accounts until the child turns 18.
- Children born between January 1, 2025, and December 31, 2028, can have Trump Accounts.
- Account holders can start adding their own money from July 4, with a yearly limit of $5,000 (excluding the government’s $1,000).
- Funds cannot be withdrawn before age 18 except in rare cases like account transfers or the child’s death.
- After 18, account owners can use the money for things like school, buying a house, or starting a business.
- Millions of families have signed up by submitting a tax form through their IRS account, and setting up the account is free.
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