The Internal Revenue Service announced on Friday a series of proposed rules that would determine eligibility and timing for the $1,000 government seed payments, among other aspects of the Trump Accounts.
Notably, the proposal states that parents of children who are eligible for the savings accounts will have until December 31 during the year the child turns 17 to claim the $1,000.
“Creating Trump Accounts was one of the most important provisions in President Trump’s historic One, Big, Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts,” IRS Chief Executive Officer Frank J. Bisignano said in a news release.
Trump accounts: These children qualify for seed funds of at least $250
Parents can sign up their children for the payment while filling out their tax return or online.
Qualifying children must:
Be born in calendar year 2025, 2026, 2027, or 2028,
Be a United States citizen,
Have been issued a Social Security Number and
Be someone for whom no prior pilot program election has been made by any individual and processed by the Secretary of the Treasury
The rules also specify who would be responsible for the initial Trump Account – in general it would be the person who elects to open the account.
In the event that the person who initiates the account doesn’t request the $1,000 pilot program contribution, the person authorized to do so in the future would be, ranked in order of priority:
a legal guardian,
parent,
adult sibling, then
grandparent of the eligible individual
In late February, Treasury Secretary Scott Bessent said roughly 2 million Trump account forms had been filled out for about 3 million children, according to CNBC.
