"The proposed regulations on the $1,000 pilot program detail the requirements for making the election to receive this contribution from the Treasury Department.... Although much of the text deals with exactly how the IRS views the contribution -- as a 'deemed overpayment of tax' by the child and then a refund -- one provision seems to stand out. This $1,000 payment can be made to the child up to the year the child turns age 17.... [A second set of] proposed regulations define various terms; explain how to make an election to open the account; and clarify who can open an initial account, how to open the account, and how to designate the responsible party to manage the account."  MORE >>