But as with any new program, the details matter: how it works, what the rules really are, and whether it’s actually better than the options we already have. So in this episode, we’ll break down the mechanics, the tax implications, and run the numbers to see what this could realistically turn into over time.
Topics Discussed
- How the Trump Account works and who qualifies under Form 4547.
- What the $1,000 government contribution means for eligible children.
- How Trump Account tax treatment differs from a traditional IRA.
- When funds can be accessed and what early withdrawal rules apply.
- How the Trump Account compares to a 529 plan for education savings.
- What California taxpayers need to know about state tax differences.
- How $5,000 annual contributions compound over 18 years.
- Why long-term retirement growth may be the biggest advantage.
Resources Mentioned:
Tags:
529 comparison, tax deferred growth, cash flow, child investment account, custodial account, financial planning for families, form 4547, ER docs, Roth conversion strategy, traditional ira rules, Trump Account
