The \u201cTrump Accounts,\u201d introduced under the Big Beautiful Bill, are a new type of tax-advantaged savings account for children born between 2025 and 2028. Each eligible child receives a $1,000 government deposit, and parents, relatives, or even employers can contribute up to $5,000 per year. Contributions are not deductible, but the account grows tax-deferred \u2014 meaning no taxes are due until funds are withdrawn. Money can\u2019t be taken out until the child turns 18, at which point it automatically converts to a traditional IRA in their name. Trump Accounts are a great start for long-term savings, but they differ from 529 plans, which are designed specifically for education expenses and allow tax-free withdrawals when used for tuition or other qualified schooling costs.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The \u201cTrump Accounts,\u201d introduced under the Big Beautiful Bill, are a new type of tax-advantaged savings account for children born between 2025 and 2028. Each eligible child receives a $1,000 government deposit, and parents, relatives, or even employers can contribute up to $5,000 per year. Contributions are not deductible, but the account grows tax-deferred \u2014 … Continue reading What to Know About the New \u201cTrump Accounts\u201d<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-110","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/posts\/110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/comments?post=110"}],"version-history":[{"count":1,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/posts\/110\/revisions"}],"predecessor-version":[{"id":112,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/posts\/110\/revisions\/112"}],"wp:attachment":[{"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/media?parent=110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/categories?post=110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gordontaxservice.com\/taxtipsblog\/wp-json\/wp\/v2\/tags?post=110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}