A pilot pays $1,000 into the account of each eligible child
What the document says“such eligible child shall be treated as making a payment against the tax imposed by subtitle A (for the taxable year for which the election was made) in an amount equal to $1,000.”
The section adds a new section 6434 to the Internal Revenue Code of 1986. Where an individual elects for an eligible child, the child is treated as making a $1,000 payment against tax for the year of the election, and the Secretary pays that amount to the child's Trump account. An eligible child is a qualifying child under section 152(c) born after December 31, 2024 and before January 1, 2029, for whom no prior election has been made, and who is a United States citizen. The election must include the child's social security number, the payment is not subject to reduction or offset, interest under section 6611(a) does not start before January 1, 2028, and a possession with a mirror code tax system is not covered unless it elects to be.
What the document actually says“such eligible child shall be treated as making a payment against the tax imposed by subtitle A (for the taxable year for which the election was made) in an amount equal to $1,000.”
The child is treated as having paid $1,000 in tax. That is for the year the choice is made.
The Secretary then pays that $1,000 into the child's account. The child must be born from 2025 through 2028. The child must be a citizen.
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