First Class Financial

🚨 Parents — Have Y’all Heard About the $1,000 Trump Account?

I’ve been seeing a lot talk online about an extra $1,000 being added to tax refunds due to the new “Trump Account” under the OBBA which is incorrect.

Here is a clear breakdown 👇🏽

The Trump Account is a new type of IRA created for children and designed for long-term savings and investing. The government plans to make a one-time $1,000 contribution for eligible children born between 2025 and 2028.

Accounts are expected to be available in 2026, and contributions can’t be made before July 4, 2026.

Who’s eligible:
✅ The child must be a U.S. citizen with a valid Social Security number
✅ The child must be under age 18 when the account is opened & born between 2025-2028.

How it’s opened:
✅ Parents or legal guardians can open the account using IRS Form 4547
✅ Use the government online portal expected to be available by Summer 2026

📌 Bottom line:
• You will NOT receive an extra $1,000 when you file
• A tax preparer cannot add this to your return
• The child won’t have access until adulthood
• This money is meant to sit and grow over time
• This is about long-term planning for your children’s future, not quick refund.