{"id":328969,"date":"2025-12-04T00:08:09","date_gmt":"2025-12-04T00:08:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/328969\/"},"modified":"2025-12-04T00:08:09","modified_gmt":"2025-12-04T00:08:09","slug":"irs-provides-guidance-for-new-trump-accounts-heres-who-gets-1000","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/328969\/","title":{"rendered":"IRS provides guidance for new &#8216;Trump accounts&#8217;: Here\u2019s who gets $1,000"},"content":{"rendered":"<p>The Internal Revenue Service announced new guidance involving the so-called Trump accounts, a new type of individual retirement account for eligible children.<\/p>\n<p>The IRS said the federal government will provide a $1,000 contribution into eligible accounts for children born between Jan. 1, 2025, and Dec. 31, 2028.<\/p>\n<p>The accounts are scheduled to launch July 4, 2026.<\/p>\n<p>RELATED STORY | <a class=\"Link\" href=\"https:\/\/www.scrippsnews.com\/politics\/the-president\/michael-and-susan-dell-pledge-6-25-billion-to-launch-trump-accounts-for-us-children\" rel=\"nofollow noopener\" target=\"_blank\">Michael and Susan Dell pledge $6.25 billion to launch Trump accounts for US children<\/a><\/p>\n<p>No withdrawals can be made until Jan. 1 of the year the child turns 18. At age 18, the accounts will essentially become a standard IRA, subject to withdrawal taxes.<\/p>\n<p>LEARN MORE ABOUT TRUMP ACCOUNTS<\/p>\n<p>Officials said other individuals can contribute up to an aggregate limit of $5,000 per year. Employers can contribute up to $2,500 per person, but that amount counts toward the $5,000 annual limit.<\/p>\n<p>The accounts will be invested in mutual funds or exchange-traded funds that track the Standard &amp; Poor\u2019s 500.<\/p>\n<p>Parents can open an account on behalf of their children starting in May by using IRS Form 4547, the Trump administration said.<\/p>\n<p>RELATED STORY |\u00a0<a class=\"Link\" href=\"https:\/\/www.scrippsnews.com\/politics\/economy\/heres-how-the-1-000-trump-accounts-for-newborns-will-work\" rel=\"nofollow noopener\" target=\"_blank\">Here&#8217;s how the $1,000 &#8216;Trump Accounts&#8217; for newborns will work<\/a><\/p>\n<p>The accounts received a significant boost Tuesday after Michael and Susan Dell contributed $6.25 billion toward the program. The Dells said that in addition to children born between 2025 and 2028 receiving $1,000 deposits, they provided enough funds to give 25 million additional children accounts with $250.<\/p>\n<p>\u201cThis automatic $1,000 deposit by the federal government gives every American newborn a transformative head start. These investment accounts are simple, secure and structured to grow in value through market returns over time. At age 18, these young Americans can have a financial foundation for continued education, job training, home ownership or future savings. It\u2019s a simple yet powerful idea,\u201d the Dells said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"The Internal Revenue Service announced new guidance involving the so-called Trump accounts, a new type of individual retirement&hellip;\n","protected":false},"author":2,"featured_media":328970,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":{"0":"post-328969","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-personal-finance","10":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/328969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=328969"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/328969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/328970"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=328969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=328969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=328969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}