The Department of the Treasury on Aug. 11 issued guidance on employer contributions to Trump Accounts, proposing rules for how companies can run a valid contribution program for their employees.
A Trump Account is a savings and investing account designed to help children get a kickstart to reaching financial wellness and can be opened in the name of any individual younger than 18 with a valid Social Security number.
American children born between 2025 and 2028 get a one-time deposit of $1,000 to start off. The account functions much like a nondeductible individual retirement account (IRA) and is invested in index funds. After the child reaches age 18, the account works much like a traditional IRA….
Treasury Proposes Tax-Free Employer Contributions to Trump Accounts
