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Trump Accounts (Section 70204)
Illinois — state programSee program
Parents, guardians, or others can open a Trump Account for an eligible child. The federal government makes a one-time $1,000 contribution per eligible child; authorized contributions from individuals are allowed up to $5,000/year and employers up to $2,500/year. Funds must be invested in U.S. stock index mutual funds or ETFs and generally cannot be withdrawn before the child turns 18.
Program details
- Type
- other
- Eligibility
- Eligible children; parents, guardians, or others may open the account. Employers may contribute to an employee's or dependent's account.
- Status
- open
- Administrator
- IRS / U.S. Treasury
- More Info
- https://www.irs.gov/trump-accounts
Source: Illinois — state program. Confirm current terms with the administering agency before applying.