Today’s Lead Story
Tuesday, July 7Money Tools
New Tax-Advantaged Savings Accounts for Children Go Live with $1,000 Federal Contribution
via Internal Revenue Service
Trump Accounts — new tax-deferred investment accounts for children — launched July 4. Children born between 2025 and 2028 qualify for a one-time $1,000 government deposit, families can contribute up to $5,000 per year, and the money converts to a traditional IRA when the child turns 18.
Why it matters
Parents of newborns should enroll now — securing the free $1,000 government seed contribution before the pilot window closes gives the child decades of compounding growth toward retirement.
