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Trump Accounts (Section 70204)
Illinois — state program$1,000 one-time federal contribution per eligible child; individual contributions up to $5,000 per year; employer contributions up to $2,500 per year
Parents, guardians, or others can establish a Trump Account for an eligible child. The federal government will make a one-time $1,000 contribution for each eligible child's account. Authorized contributions from individuals (up to $5,000/year) and employers (up to $2,500/year) are also allowed; employer contributions are generally deductible and excluded from employees' taxable income.
Program details
- Type
- other
- Amount
- $1,000 one-time federal contribution per eligible child; individual contributions up to $5,000 per year; employer contributions up to $2,500 per year
- Eligibility
- Eligible children; parents, guardians, or others may establish the account. Accounts cannot be funded before July 4, 2026.
- Status
- upcoming
- 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.