economy
What to know about Trump Accounts as Treasury rolls out new app
The Treasury Department has officially rolled out the Trump Accounts app. Here is what to know about the accounts and how to get the app.
TL;DR
- The Treasury Department has released the Trump Accounts app for iOS and Android.
- Trump Accounts are tax-deferred savings accounts designed for children under 18.
- Parents, family members, and others can contribute funds, with limits and matching opportunities available.
- The government will deposit $1,000 into accounts for newborns born between January 1, 2024, and December 31, 2028.
- Funds can be withdrawn at age 18 for higher education, first-time home purchase, birth/adoption expenses, emergency personal expenses, and medical expenses.
- The program aims to increase financial literacy among young people in the United States.
- Investments are limited to mutual funds or exchange-traded funds tracking U.S. companies.
- Accounts can be created via TrumpAccounts.gov and IRS form 4547.