An update on regulations and guidance surrounding Trump Accounts—which are a new type of Individual Retirement Account (IRA) for children under 18, created under the Working Families Tax Cuts initiative—was announced by the Internal Revenue Service (IRS) on Tuesday.

Why it Matters

Trump accounts were created under this year’s One Big Beautiful Bill Act with the aim to give American children long-term financial security while helping families build generational wealth. The program combines government seed contributions with additional funding from parents, employers, and charities, which could affect millions of young Americans and future taxpayers.

What To Know

Trump Accounts can be opened by parents or guardians from early 2026, with contributions starting July 4, 2026.

Key update

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