The Treasury Department and IRS Tuesday released guidance on the tax-advantaged “Trump accounts” for children created by Republicans’ 2025 tax law.
The new retirement account for kids is meant to build savings and encourage more families to invest. It’s expected to launch in 2026, following new IRS guidance detailing how the account will work.
Under the GOP tax law, the federal government will provide children born from 2025 through 2028 with $1,000. Parents, employers, and states can also make contributions to the accounts, which will be limited to $5,000 annually. Funds in the accounts must be invested in index funds, ...
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