A brief overview (from our perspective!)
Important - The new Trump Accounts are NOT just for children born in 2025!
Trump Accounts are new tax-favored savings accounts (similar to an IRA, but for minors even if they don't have earned income) for children under 18, designed to help families build long-term wealth. If your child has a Social Security number, you (as a parent/guardian) can elect to open one using a new IRS form when you file taxes — and receive a $1,000 federal starter contribution (f your dependent is born between 2025 and 2028). You can also contribute up to $5,000 per year in addition to the starter amount. Rules are still being finalized, and we are doing our best to stay on top of it all so we can guide you on timing and the final filing steps once the IRS releases the final forms and instructions.
You cannot fund the account YET, but you can opt-in to opening an account. To open an account, we can either file a form with your 2025 tax return OR you can use a special online portal that will be available by summer 2026. If you would like to file to open an account with your return, please let us know. If you still aren't sure, please contact us about making a scheduled appointment to talk.
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Servir a nuestra comunidad es lo que mejor hacemos, y con nuestra nueva contadora pública certificada hispanohablante, nos enorgullece ofrecer servicios tanto en inglés como en español. Para nosotros es fundamental que cada cliente se sienta comprendido y apoyado. ¡Hablamos español!
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