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.

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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.

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Officials said other individuals can contribute up to an aggregate limit of $5,000 per year. Employers can contribute up to $2,500

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