The IRS has released Form 4547, allowing parents to register eligible children for Trump Accounts when filing 2025 tax returns. Here's what you need to know.
I don’t entirely understand how this works after reading the quite repetitive article. If I have a kid, I open an account that behaves like an IRA, request $1000, and it either sits or I contribute to it (untaxed) until my kid turns 18 (or dies), at which point I can withdraw it(possibly taxed).
Who is this supposed to help? Nothing says the money goes to the 18 year old.
I don’t entirely understand how this works after reading the quite repetitive article. If I have a kid, I open an account that behaves like an IRA, request $1000, and it either sits or I contribute to it (untaxed) until my kid turns 18 (or dies), at which point I can withdraw it(possibly taxed). Who is this supposed to help? Nothing says the money goes to the 18 year old.