News

The Department of Treasury has announced the activation of the new child IRA accounts also known as "Trump Accounts." These tax-deferred accounts formally launch later this summer. Treasury Secretary Scott Bessent reports that six million children have been enrolled in the Section 530A Trump Accounts. Parents and other qualified adults are submitting IRS Form 4547, Trump Account Election(s) to enroll. The Treasury also launched a smartphone app for the Trump Accounts. The smartphone app is controlled by the Department of Treasury, but it was developed by Bank of New York Mellon Corp. and Robinhood Markets, Inc. The smartphone app enables enrollment of children, contributions to Trump Accounts and tracking the investments. The Treasury plan is to have investment funds "in a diversified portfolio of low-cost index funds designed to maximize long-term growth while minimizing risk." Secretary Bessent stated, "I think this is going to be one of the greatest real-time financial literacy educations in history. American families are going to be able to look on their phone every day and see, and I think it is going to drive people to try to understand what they...
More