§6434 Trump Accounts Contribution Pilot Program

Summary

You can choose to treat a qualifying child as having paid $1,000 of federal income tax for the year you make the choice, and the IRS must send that $1,000 to the child’s Trump account. An “eligible child” is a qualifying child who was born after December 31, 2024 and before January 1, 2029, is a United States citizen, and for whom no one has already made this election. You must make the election when and how the IRS says to, and include the child’s Social Security number with the election (the meaning of that number uses the rule in section 24(h)(7) but with the phrase “before the date of the election made under section 6434” substituted for “before the due date of such return”). Payments under this rule cannot be reduced or taken to pay other federal tax debts under section 6402(c)-(f) or similar rules, and they cannot be offset by other assessed federal taxes. Interest rules under section 6611(a) do not start before January 1, 2028. A U.S. possession with a mirror code tax system is not covered unless it chooses to be. “Trump account” and “account beneficiary” mean what section 530A(b) says.