The account is defined and its rules on payments in and out are fixed
What the document says“The term `Trump account' means an individual retirement account (as defined in section 408(a)) which is not designated as a Roth IRA and which meets the following requirements:”
The section defines a Trump account as an individual retirement account that is not a Roth IRA, either created by the Secretary for the sole benefit of an eligible individual or created in the United States for the sole benefit of an individual under 18 and funded by a qualified rollover contribution, designated as a Trump account when set up. Its governing instrument must bar any contribution before the date 12 months after enactment, bar a contribution above the yearly limit for a year before the beneficiary turns 18, bar any distribution before the first day of the year the beneficiary turns 18 except as the section allows, and bar investment in anything but an eligible investment before that day.
What the document actually says“The term `Trump account' means an individual retirement account (as defined in section 408(a)) which is not designated as a Roth IRA and which meets the following requirements:”
The account is a kind of retirement account. It may not be a Roth account. It must meet the tests set out below.
It is opened for one child. No money may go in for the first 12 months. No money may come out before the year the child turns 18.
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