The Trump Accountant Pilot Program, which was established under the One Big, Beautiful Bill, continues to take shape. This program provides tax-favored Trump Accounts to children of eligible taxpayers. The Internal Revenue Service (IRS) shares the following on their website regarding eligibility requirements:
- The tax-advantaged Trump Accounts allow parents, guardians and other authorized individuals to request establishment of a new type of individual retirement account for an eligible minor, who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
- The Trump Accounts pilot program offers a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
According to the IRS, taxpayers have signed up more than 4 million children for Trump Accounts. The IRS shares that more than more than 1 million of those children are covered by elections for the $1,000 program contribution.
The IRS also shares that contributions to Trump Accounts can be made starting July 4, 2026. Eligible children may receive deposits from parents, relatives, friends, employers, state governments, philanthropic organizations and individuals, subject to an annual limit.
Visit trumpaccounts.gov for more information on Trump Accounts. Reach out to Holbrook & Manter with questions you may have on this matter.