The New Trump Accounts

There are 2 aspects to this.  For any child born in 2025-2028, you can request and receive $1,000 in seed money from the government to fund the account.  For all others, you can open an account for any child before the age of 18.  Once opened, you can fund the account with after-tax dollars, up to $5K per year, per child.  In the year the child turns 18, the account basically converts to an IRA with the cost basis of your cumulative contributions.  This means that the contributions you made to the account will not be taxed again.  We can add form 4547 (think Trump terms 45 and 47) to your tax return, beginning with 2025.  This is the application to open, and request the $1K seed money.