I am not a fan of the irresponsible Big Beautiful Bill, but here is a provision parents and grandparents may want to take advantage of as long as it is there.
Contribute to a child’s IRA without them having income.
Trump accounts: The law creates a new type of savings account for children known as “Trump accounts.” They’ll be similar to IRAs but with a few key differences. Unlike IRAs, children won’t be required to have income in order to contribute, meaning that parents could begin funding one of these accounts from the time a child is born. Employers will also be able to contribute to accounts for employees’ children without the contributions counting as income. For business owners, this opens up an interesting new employee benefit opportunity. Also, a pilot program will provide a $1,000 tax credit to parents who open a Trump account, but this credit will apply initially only to children born in 2025, 2026, 2027 and 2028.
These new accounts will come online in July 2026, and the initial contribution limit will be $5,000 per year.
Read more helpful details on HumbeDollar
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See also: https://401kspecialistmag.com/let-ben-franklin-create-middle-class-millionaires-eradicate-poverty-in-america/ While this isn’t Roth, if the regulations treat this as a Traditional IRA, not sure that the parents couldn’t convert to Roth so that accumulated earnings are tax free as well.
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Interesting point. I hope you are right
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Feeling charitable? Anyone can contribute to a child’s account – it is not limited to parents or grandparents or great grand parents. However, I believe the parents do have to open the account. And, even if the money for a child’s account can only come from parents – don’t think so – nothing wrong with giving money to the parents for the express purpose of funding the child’s account. The annual gift exclusion from estate and gift taxes is now $19,000 per year, per person this year.
More details coming from the Trump Administration prior to the effective date.
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