Who in Massachusetts Qualifies for the New $1,000 Child Savings Trump Accounts?

Over four million American kids have enrolled in Trump Accounts, according to the Internal Revenue Service.

While many Massachusetts families have taken advantage of the new savings account for children, not all qualify for a special seed money contribution.

"The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," said IRS Chief Executive Officer Frank J. Bisignano.

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What Are ‘Trump Accounts’?

NewsNation reported, "Under the plan, children born between January 1, 2025, and December 31, 2028, will be given a stock market account with a $1,000 deposit from the Treasury."

Who Qualifies for the $1,000 Deposit?

The accounts are open to any child under 18 who is a U.S. citizen with a valid Social Security number. However, the $1,000 government deposit is available for children born between the above dates.

How Much Families Can Contribute

"Parents can contribute up to $5,000 per year," NewsNation reported. "Once the child turns 18, the account can be rolled over into an IRA, or withdrawals can be made."

Contributions to Trump Accounts can be made starting July 4, 2026.

Additional Funding for Some Families

According to Boston's WCVB-TV 5, "While newborns would receive a $1,000 deposit directly from the federal government, older children could receive $250 from a private donation, but only if they live in a region that qualifies."

"Billionaires Michael and Susan Dell pledged $6.2 billion on Tuesday to provide 25 million American older children with $250 each," WCVB reported. Eligibility is restricted to kids ten and under who "reside in ZIP codes with median incomes below $150,000."

Why Some Massachusetts Families Don’t Qualify

"In Massachusetts, 82 ZIP codes have median incomes exceeding that limit," reported the station, which also provided a map indicating which communities are eligible for the Dell seed money.