A new federal savings account for children known as “ Trump Accounts, ” is on the verge of launching — and the IRS advises parents, guardians and families across the country to pay close attention to updates concerning the accounts.

Under the 2025 One Big Beautiful Bill Act these accounts “will create tax-deferred investment accounts for all newborn American children,” according to The White House .

Trump accounts are retirement-style savings accounts , or IRAs for children, established by the major budget bill signed by President Trump on July 4, 2025. The federal government — through taxpayer dollars — is backing the plan with a one-time $1,000 contribution.

Here’s how it works:

For every eligible child born between 2025 and 2028 whose parent or guardian opts in, the governmen

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