Overview
- Parents can elect accounts by filing IRS Form 4547 with their 2025 tax returns, with identity checks slated to begin in May and initial deposits expected to start in July.
- Children born from January 1, 2025, through December 31, 2028, qualify for a one-time $1,000 federal contribution, and accounts generally restrict withdrawals until age 18 for uses such as education or a first home.
- The accounts are tax-advantaged and allow up to $5,000 in annual family contributions, with employers able to add up to $2,500 each year.
- Michael and Susan Dell pledged $6.25 billion to provide $250 to 25 million children, targeting those 10 or younger in ZIP codes with median incomes at or below $150,000 and born before 2025.
- Ray and Barbara Dalio plan $250 contributions for roughly 300,000 children in Connecticut, Brad Gerstner will fund $250 for all children under five in Indiana, Harold Hamm is listed to adopt Oklahoma with details pending, and Nicki Minaj has signaled contributions with no confirmed amount.