Washington News
Child IRA Accounts Launched
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...