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Parents could put pre-tax paycheck money into Trump Accounts, with employers matching, Treasury says
The U.S. Treasury Department and IRS proposed regulations this week on how employers and employees can fund Trump Accounts, the new tax-deferred investing option for children.
The proposed regulations outline how certain employer contributions to Trump Accounts may be excluded from an employee's gross income. Employers could also allow employees to fund their dependent children's accounts with pre-tax dollars straight from their paychecks.
Trump Accounts, also known as 530A accounts, "are giving American families a new way to build wealth from day one," Treasury Secretary Scott Bessent said in a statement Tuesday.
"Today, Treasury is publishing guidance that will help families grow Trump Accounts by allowing employers to contribute up to $2,500 tax-free each year for employees' dependents and giving employees the option to contribute pre-tax dollars directly to those accounts," Bessent said.
US Department Of Treasury Says Employers Can Now Contribute To Trump Accounts
The US Department of the Treasury has shared information on employee contributions to the new Trump Accounts. These accounts were authorized by the current administration as a path to providing access to the benefits of holding equities and the proven appreciation of these assets over time. Any US child under 18 who has a valid Social Security number can have a Trump Account opened for them. Initially, a segment of the youth population received $1000 in seed funding from the Treasury. Several affluent individuals such as Michael Dell and his wife Susan have committed to help fund these accounts. In Dell’s case, with $6.25 billion. Parents manage the funds until the child turns 18, at which time the account can turn into something that functions like a traditional IRA.
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