FULL PRESSER: President Trump boasts Trump Accounts, launched July 4
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2026年07月06日
Trump Accounts will launch on July 4, giving families with young children a new way to build long-term savings and provide what the Trump administration calls a stronger financial start.
Beginning Saturday, parents, guardians, employers and other contributors will be able to deposit money into accounts for children under 18.
Created under the One Big Beautiful Bill Act last year, the accounts are designed to function similarly to individual retirement accounts, allowing money to grow over time through investments in low-cost U.S. stock index funds.
"Starting July 4, 2026, families, employers, charities, and governments can contribute up to $5,000 per year, invested solely in low-cost U.S. equity index funds for simple, transparent, long-term growth," the Treasury Department said in a statement.
Treasury Secretary Scott Bessent has described the accounts as a "rainy day fund" that children can use once they reach adulthood. A Treasury Department spokesperson said about six million people have signed up so far.
When the program was announced in December, President Donald Trump said the accounts would give children "a shot at the American dream."
The money will be invested in U.S. equity index funds, with Bank of New York Mellon managing the initial accounts. Families can monitor balances and contributions through the Trump Accounts app.
Parents or guardians can open an account by filing IRS Form 4547 with their tax return or through the app. Downloading the app activates the account.
Children can be enrolled until the year before they turn 18.
Babies born between 2025 and 2028 will receive a $1,000 initial deposit from the Treasury Department.
Children born between 2016 and 2024 who are not eligible for the $1,000 government deposit may still qualify for a $250 contribution if they live in a ZIP code with a median household income of $150,000 or less. That funding comes from a $6.25 billion pledge by tech CEO Michael Dell and his wife.
Funds generally cannot be withdrawn before age 18, except in limited circumstances such as certain rollovers, distributions after death or the return of excess contributions, according to the IRS.
https://fox17.com/news/nation-world/trump-accounts-launch-july-4-what-families-need-to-know-financial-start-one-big-beautiful-bill-act-treasury-department-funds-stocks-us-equity-index-funds-irs-form-4547-under-18-contributions
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Beginning Saturday, parents, guardians, employers and other contributors will be able to deposit money into accounts for children under 18.
Created under the One Big Beautiful Bill Act last year, the accounts are designed to function similarly to individual retirement accounts, allowing money to grow over time through investments in low-cost U.S. stock index funds.
"Starting July 4, 2026, families, employers, charities, and governments can contribute up to $5,000 per year, invested solely in low-cost U.S. equity index funds for simple, transparent, long-term growth," the Treasury Department said in a statement.
Treasury Secretary Scott Bessent has described the accounts as a "rainy day fund" that children can use once they reach adulthood. A Treasury Department spokesperson said about six million people have signed up so far.
When the program was announced in December, President Donald Trump said the accounts would give children "a shot at the American dream."
The money will be invested in U.S. equity index funds, with Bank of New York Mellon managing the initial accounts. Families can monitor balances and contributions through the Trump Accounts app.
Parents or guardians can open an account by filing IRS Form 4547 with their tax return or through the app. Downloading the app activates the account.
Children can be enrolled until the year before they turn 18.
Babies born between 2025 and 2028 will receive a $1,000 initial deposit from the Treasury Department.
Children born between 2016 and 2024 who are not eligible for the $1,000 government deposit may still qualify for a $250 contribution if they live in a ZIP code with a median household income of $150,000 or less. That funding comes from a $6.25 billion pledge by tech CEO Michael Dell and his wife.
Funds generally cannot be withdrawn before age 18, except in limited circumstances such as certain rollovers, distributions after death or the return of excess contributions, according to the IRS.
https://fox17.com/news/nation-world/trump-accounts-launch-july-4-what-families-need-to-know-financial-start-one-big-beautiful-bill-act-treasury-department-funds-stocks-us-equity-index-funds-irs-form-4547-under-18-contributions
_______________
Follow! Like! Share! Subscribe!
WZTV on Facebook: https://www.facebook.com/foxnashville/
WZTV on X: https://twitter.com/FOXNashville
https://fox17.com
Email us: news@fox17.com
Call the Newsroom: 615.369.1717
Fox 17 provides local news, weather, sports, traffic and entertainment for Nashville and nearby towns and communities in Middle Tennessee, including Forest Hills, Brentwood, Franklin, Fairview, Dickson, Clarksville, White House, Greenbrier, Springfield, Gallatin, Hartsville, Lebanon, Mt Juliet, Smyrna, College Grove, Thompson’s Station, Centerville, Murfreesboro, Columbia, Lewisburg, Shelbyville, Manchester, McMinnville, Smithville, Sparta, Cookeville, Hohenwald, Waverly, Camden, Paris, Lafayette, Portland, and in Kentucky, Russelville, Bowling Green, Franklin, Alvaton, Scottsville, Hopkinsville, Glasgow.
#WZTV #fox17news #foxnashville #nashville #tennessee #tn #middletn #localnews #breakingnews #trending #donaldtrump #trump #trumpaccounts #july4 #4thofjulyweekend
