On March 6, Treasury and the Internal Revenue Service (IRS) released proposed regulations (IR-2026-31) on the section 530A, also known as Trump Accounts for Children Pilot Program. The proposed regs focus on eligibility and on payments from the government into the accounts. More proposed regs on other related issues are expected in the near term.

The proposed regs cover the Pilot Program under which the government will make a $1000 contribution to a Trump Account for an eligible child. The regs specify that a pilot program electing individual (usually a parent or guardian of an eligible child) must file an election to establish a pilot program Trump Account. This can be done before the child is born, for the tax year of the child's birth, the proposed regs say, or at any time until the child turns 18.

Eligible children are those born in 2025 through 2028 who are US citizens and have a Social Security Number. An eligible child must also not already have a Trump Account.

The pilot program-electing individual must use Form 4547 to establish a Trump Account and to enroll in the pilot program, the proposed regs say.

NAIFA supports the section 530A/Trump Accounts for Children program and envisions a role for financial professionals in ensuring the program is a success.

Prospects: The Administration anticipates having the Trump Account pilot program fully operational by July. More guidance on a range of additional issues is expected prior to then.

NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; Mike Hedge – Senior Director – Government Relations, at mhedge@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.