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Understanding 530A Accounts
There’s been a lot of buzz recently around the new 530A Accounts, also known as “Trump Accounts,” a savings and retirement vehicle designed specifically for children, even starting at birth. In this week’s episode of Educational Insights, Jason Hatley breaks down how these accounts work, who qualifies, and why families are asking whether this could become a valuable long-term planning tool. From potential government contributions to unique tax advantages, there’s a lot to unpack.
Watch to learn more.
Jason Hatley, CFP®, CPA, PFS
Senior Vice President
Financial Planning Manager
Email Jason Hatley here
Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Economic forecasts set forth in this presentation may not develop as predicted.
No strategy can ensure success or protect against a loss.
Stock investing involves risk including potential loss of principal.
Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.
Trump Accounts offer tax deferred growth on earnings. Family contributions are made with after tax dollars, and eligible employer contributions may be excluded from the employee’s taxable income. A one time $1,000 federal contribution may be available for eligible children born between 2025 and 2028. Distributions are generally prohibited during the child’s growth period and, once permitted, are taxable as ordinary income and may be subject to a 10% IRS early distribution penalty if taken before age 59½. Contribution limits and other restrictions apply, and some rules remain subject to future Treasury and IRS guidance. Consult a qualified tax advisor or financial professional before making decisions.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
The post Understanding 530A Accounts first appeared on Fi Plan Partners.
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By Fi Plan PartnersThere’s been a lot of buzz recently around the new 530A Accounts, also known as “Trump Accounts,” a savings and retirement vehicle designed specifically for children, even starting at birth. In this week’s episode of Educational Insights, Jason Hatley breaks down how these accounts work, who qualifies, and why families are asking whether this could become a valuable long-term planning tool. From potential government contributions to unique tax advantages, there’s a lot to unpack.
Watch to learn more.
Jason Hatley, CFP®, CPA, PFS
Senior Vice President
Financial Planning Manager
Email Jason Hatley here
Fi Plan Partners is an independent investment firm in Birmingham, AL, with a team of professionals serving clients across the nation through financial planning, wealth management and business consulting. The team at Fi Plan Partners creates strategies in the best interest of their clients using fee based investing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
Economic forecasts set forth in this presentation may not develop as predicted.
No strategy can ensure success or protect against a loss.
Stock investing involves risk including potential loss of principal.
Securities and advisory services offered through LPL Financial, Member FINRA/SIPC and a registered investment advisor.
Trump Accounts offer tax deferred growth on earnings. Family contributions are made with after tax dollars, and eligible employer contributions may be excluded from the employee’s taxable income. A one time $1,000 federal contribution may be available for eligible children born between 2025 and 2028. Distributions are generally prohibited during the child’s growth period and, once permitted, are taxable as ordinary income and may be subject to a 10% IRS early distribution penalty if taken before age 59½. Contribution limits and other restrictions apply, and some rules remain subject to future Treasury and IRS guidance. Consult a qualified tax advisor or financial professional before making decisions.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
The post Understanding 530A Accounts first appeared on Fi Plan Partners.