On March 6, the IRS issued proposed regulations addressing Trump Accounts (TAs), which were created under the One Big Beautiful Bill Act. TAs provide families with a new way to build savings for eligible children. Contributions of up to $5,000 per year can be made beginning July 4. Contributions aren’t deductible, but the accounts can grow tax-deferred. The proposed regs detail the requirements for opening TAs and define key terms. They also explain who can open the accounts and who’ll manage them. In addition, they describe how the U.S. Treasury Secretary will administer the one-time $1,000 pilot program contribution for eligible children and related rules. Contact us with questions.
