USVI Parents Told How to Claim New $1,000 Federal Trump Account Benefit

The V.I. Bureau of Internal Revenue is informing taxpayers in the territory about a new federal benefit that allows parents, guardians, and other authorized individuals to establish a Trump Account for certain children, while also outlining how eligible families may seek a $1,000 federal contribution tied to the program.

In a release issued Tuesday, BIR Director Joel Lee said the new benefit stems from recent legislation and centers on a new individual retirement account known as a Trump Account. According to the bureau, the account may be established by a parent, guardian, or other authorized individual for the exclusive benefit of certain children.

The release states that an authorized individual may also elect to receive a $1,000 federal contribution to the child’s Trump Account if the child was born after 2024 and before 2029, is a U.S. citizen, and meets certain other requirements.