Trump Accounts: Free Money, Tax Headache
Update: 2025-12-31
Description
Starting next July, newborns from 2025-2028 will receive a $1,000 Trump account from the government. Contributions up to $5,000/year can be made by parents, grandparents, or friends, with employers adding up to $2,500. However, these contributions dont qualify for the gift tax exclusion, requiring donors to file Form 709 and potentially hire an accountant. Despite the compliance headache, financial experts suggest taking the free government money, but consider alternatives like Roth IRAs or 529 plans for better tax perks and less paperwork. Checkout Solipillow.com
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