The Internal Revenue Service announced new guidance involving the so-called Trump accounts, a new type of individual retirement account for eligible children.

The IRS said the federal government will provide a $1,000 contribution into eligible accounts for children born between Jan. 1, 2025, and Dec. 31, 2028.

The accounts are scheduled to launch July 4, 2026.

No withdrawals can be made until Jan. 1 of the year the child turns 18. At age 18, the accounts will essentially become a standard IRA, subject to withdrawal taxes.

Officials said other individuals can contribute up to an aggregate limit of $5,000 per year. Employers can contribute up to $2,500 per person, but that amount counts toward the $5,000 annual limit.

The accounts will be invested in mutual funds or exchange-traded fund

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