Trump Savings Account: $1,000 Being Sent Out in 2 Weeks
Summary
The Trump administration is starting a new program called "Trump Accounts" on July 4, which will set up investment accounts for children under 18. Eligible children born between 2025 and 2028 will get a one-time $1,000 deposit from the government to invest in U.S. stock market funds.Key Facts
- The program is called "Trump Accounts" and starts on July 4.
- It is created under the Working Families Tax Cuts law and managed by the Treasury Department and IRS.
- Any child under 18 who is a U.S. citizen with a Social Security number can have an account.
- Children born from January 1, 2025, to December 31, 2028, qualify for a $1,000 federal deposit.
- Parents or guardians must set up the account using IRS Form 4547.
- The account invests money in stock index funds focused on American companies, like those tracking the S&P 500.
- Parents can add up to $5,000 per year to these accounts.
- The program aims to encourage long-term investing, potentially growing the $1,000 into a much larger sum over many years.
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