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Form 4547

All articles tagged with #form 4547

business1 month ago•3 min saved

Trump Accounts app debuts to kickstart kids' savings with a $1,000 government gift

The Trump Accounts app is rolling out to help families manage tax-advantaged accounts for children, including a July 4 $1,000 government contribution for eligible kids born 2025–2028; accounts are opened and managed by parents until age 18, after which funds can be used for qualified expenses; annual contributions cap is $5,000 per child (excluding the gift). Access via App Store, Google Play, or TrumpAccounts.gov after IRS login and Form 4547; withdrawals before 18 are restricted except for specified rollovers or death; post-18, standard IRA rules apply; activation emails will be sent in phases, and the Treasury cautions against scam calls or texts.

via CBS News|

#business #childrens-savings-accounts #form-4547

economy2 months ago•4 min saved

Experts push auto-enrollment for Trump Accounts to seed $1,000 per newborn

Two Washington University researchers urge auto-enrolling all babies born 2025–2028 into the ‘Trump Accounts’ program to guarantee a $1,000 seed retirement savings, potentially expanding reach from about 1.4 million newborns to roughly 73 million children. The Treasury says it aims to maximize impact, and proponents point to Maine’s Alfond Grant as a successful auto-enrollment model. Enrollment currently hinges on taxpayers filing Form 4547, which may overlook low-income families who don’t file taxes or understand the process. Philanthropic pledges could broaden reach, but critics warn the plan could disproportionately benefit wealthier families if enrollment remains opt-in. Projections show the initial $1,000 growing to about $6,000 by age 18 and roughly $243,000 by age 55. Considerations include lost or forgotten small accounts and the overall cost to taxpayers.)

via USA Today|

#auto-enrollment #economy #form-4547