IRS Issues Expansive Rules for $1,000 Payments to Trump Accounts

Parents would have up to 17 years to claim $1,000 government payments to tax-advantaged savings accounts that Donald Trump’s tax law grants to most children born during the president’s second term under rules proposed Friday.

The Internal Revenue Service proposed rules for the program that seeks to maximize the window of time parents can claim the new benefit. Caregivers can sign up as soon as a child receives a Social Security number up until the end of the year the child turns 17 under the proposal.