BAKERSFIELD, Calif. (KERO) — Parents can now contribute to Trump accounts, the new IRA-style savings accounts launched by the Treasury Department.
Anyone can contribute to the accounts, but there is an annual limit of $5,000. Contributions are made using after-tax dollars.
The tax advantage comes in that dividends and realized capital gains are not taxed until those funds are withdrawn.
When the child turns 18, the accounts are automatically converted into an IRA.
For kids born between 2025 and 2028, the government will contribute an extra $1,000.
For more information visit trumpaccounts.gov
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