All children born between 2025 and 2028 will be receiving a gift from Congress and President Donald Trump — a $1,000 deposit into a "Trump Account."

The accounts are meant to encourage children and families to save and build wealth for the many expenses of adulthood, USA Today reported .

Here's what to know in Illinois.

What type of account is it?

“It’s an IRA for kids,” said Evan Morgan, a principal in the tax advisory group at Kaufman Rossin, an accounting and advisory firm. More: Pritzker calls out RFK Jr. as he signs law expanding vaccine access

How to claim an account

To qualify, the baby only needs a Social Security number.

When can I contribute to the account?

No one may contribute to the accounts until July, 2026. Other details are still being worked out. More: Some I

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