@Helen123 , @JHH123 , reading through your post what I get is that the parents ( NRAs) are trying to set up bank accounts ( for the US citizen child) in reserve currency -- US$ or UKL-- ( to protect against currency effects of national currency ? ). Which country are they ( parents ) from? -- perhaps the tax treaty between home country and US/UK might allow mechanisms to help in their quest.
It appears that we have answered your query ( ies) on this subject and therefore the thread could be closed --- if that is the case the you need to accept the answer(s) as "accepted". Else tell me what more we can do for you, please?
Generally agreeing with colleague @DaveF1006 that child credit may not be available because of no US taxable income, but more germane is the fact that the parents are filing 1040-NR for 2023 ( although I don't understand why, unless they were here only for the birth of the child ? ) and that the parents will not (?) want to be treated as a resident for tax purposes for the year 2024. The main thing is that any earnings whether in the name of the child or the parents and sourced/ connected to US will be taxed per the tax treaty between the resident/home country of the parents and the US .
If there is more help needed by the parents on this or similar tax issues , please consider having the parents start a new thread.
pk
