Trump Accounts (530A) offer tax-free growth strategy for children's savings, tax attorney says
By
Jessica Dickler, Greg Iacurci
Pulled from the oven just right. Trustworthy, fact-dense, deeply satisfying.
Summary
A new type of tax-advantaged savings account called "Trump Accounts" (530A accounts) for children is launching next month, with families signing up nearly 6 million kids. While initial grants up to $1,000 attract some families, a tax attorney notes that even ineligible children can use a strategy to leverage these accounts for future Roth IRA growth, potentially creating a "legal backdoor" for building tax-free retirement wealth.
Key quotes
· 3 pulledFamilies have signed up nearly 6 million children for Trump Accounts, set to launch next month.
For some, claiming the initial grants — worth up to $1,000 — is the draw.
Trump Accounts, also known as 530A accounts, are a new type of tax-advantaged savings and investment account for kids.
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