let's break down trump accounts the new child savings program rolling out in 2026 these are tax advantage investment accounts created for kids under 18 who are u.s citizens with a social security number every eligible child gets a 1 000 seed deposit from the federal government no action required except you have to open the account you enroll by making an election on irs form four five four seven when you file your taxes or through the online trump accounts portal once available once established the account is invested and gross tax deferred over time similar to a traditional ira until your child turns 18 you can help it grow by contributing up to five thousand dollars per year and even employers or family can contribute too funds can be accessed without penalty when the child turns 18 for qualified expenses like education a first home purchase or starting a business to jump start the american dream this is one more way republicans are delivering bigger paychecks bigger tax returns and bigger opportunities in 2026
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Video transcript 1:05
let's break down trump accounts the new child savings program rolling out in 2026 these are tax advantage investment accounts created for kids under 18 who are u.s citizens with a social security number every eligible child gets a 1 000 seed deposit from the federal government no action required except you have to open the account you enroll by making an election on irs form four five four seven when you file your taxes or through the online trump accounts portal once available once established the account is invested and gross tax deferred over time similar to a traditional ira until your child turns 18 you can help it grow by contributing up to five thousand dollars per year and even employers or family can contribute too funds can be accessed without penalty when the child turns 18 for qualified expenses like education a first home purchase or starting a business to jump start the american dream this is one more way republicans are delivering bigger paychecks bigger tax returns and bigger opportunities in 2026
Transcribed automatically. Expect errors in names and numbers.