Trump Accounts app launches today. Here's what to know.
CBS News • • business
Key Points:
- The Trump Accounts app is now available for download, enabling parents or guardians to manage tax-preferred investment accounts for children born between 2025 and 2028, with a $1,000 government contribution starting July 4.
- Annual personal contributions to these accounts are capped at $5,000 per child, excluding the government’s donation, and funds will be invested in the stock market to build long-term financial strength.
- Eligible parents will receive phased email instructions to activate accounts, with warnings against scams, as the Treasury Department will only communicate via official email addresses.
- Funds in Trump Accounts cannot be withdrawn before the child turns 18 except for specific rollovers or in the event of the account holder’s death; after 18, standard IRA withdrawal rules apply.
- Millions have already signed up by completing IRS Form 4547 through their IRS accounts, and setting up a Trump Account is free of charge.