By Leada Gore
al.com
(TNS)
The U.S. Treasury Department has launched the Trump Accounts app, the next step in the pilot program that will give $1,000 to some American children.
“The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one,” Treasury Secretary Scott Bessent said in a statement.
Accounts are free and can be set up at any time before a child turns 18.
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How to set up your Trump Account
Here’s what you need to do now:
- Go to TrumpAccounts.gov and fill out IRS Form 4547 to set up your account. Once you’ve done that, you will receive an email from noreply@TrumpAccounts.Treasury.gov to confirm your account. The emails will be sent out in waves starting today.
- Download the Trump Accounts app from the Apple App Store or Google Play or by visiting TrumpAccounts.gov. Your confirmation email will include activation directions to complete in the app.
- Accounts will go live starting July 4. Contributions may be made from parents, family members, employers and others starting that day. Parents or others can make contributions up to $5,000 a year to the Trump account until the child turns 18. Companies can also contribute up to $2,500 a year into the account of an employee’s eligible child without adding to the worker’s taxable income.
- Also on July 4, eligible children will begin receiving the $1,000 pilot program contribution from the U.S. Treasury Department. Children born from the beginning of 2025 through the end of 2028 are eligible for the $1,000 federal contribution. Kids born before this year are eligible for an IRA-style account but won’t receive the $1,000 seed money. Recipients must also be a U.S. citizen with a Social Security number.
Children will be able to access the money when they turn 18. After age 18, the yearly contribution limit is expected to increase to $7,000 in keeping with traditional IRA rules. There is a 10% penalty for withdrawing money from an IRA before age 59-and-a-half but there are exceptions for home purchases or higher education expenses.
Photo credit: The White House/Facebook
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