{"id":1887,"date":"2026-06-17T17:35:42","date_gmt":"2026-06-17T17:35:42","guid":{"rendered":"https:\/\/arizonamovinginsider.com\/?p=1887"},"modified":"2026-06-17T17:35:42","modified_gmt":"2026-06-17T17:35:42","slug":"trump-accounts-what-parents-need-to-know-about-the-new-savings-program","status":"publish","type":"post","link":"https:\/\/arizonamovinginsider.com\/?p=1887","title":{"rendered":"Trump accounts: What parents need to know about the new savings program"},"content":{"rendered":"<div>\n<div>\n<div>\n<p>Starting in July, families will have a new way to save money for their children&#8217;s future through Trump Accounts \u2014 a tax-advantaged IRA that begins with a $1,000 balance.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=1885\">Tropical Storm Arthur, first of 2026 Atlantic hurricane season, forms in Gulf<\/a><\/p>\n<p>&#8220;This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation and they&#8217;ll really be getting a big jump on life,&#8221; President Donald Trump said.<\/p>\n<p><b>RELATED STORY | <\/b><b>Melania Trump unveils a spinoff of Trump Accounts for children in foster care<\/b><\/p>\n<p>David Perez, founder of Tax Maverick, broke down how the accounts work, who qualifies, and how families can maximize the financial benefit.<\/p>\n<p><b>Who is eligible?<\/b><\/p>\n<p>Any parent with a child under 18 can open a Trump Account. However, the $1,000 seed money is reserved for children born between Jan. 1 and Dec. 31, 2026 \u2014 a two-year window.<\/p>\n<p><b>How do you open one?<\/b><\/p>\n<p>Parents must apply at trumpaccounts.gov on behalf of their children and name a beneficiary. Applicants must also file Form 53A with their tax return to receive the $1,000 gift.<\/p>\n<p><b>How does it compare to a 529 or Roth IRA?<\/b><\/p>\n<p>Perez described Trump Accounts as a hybrid between a 529 plan and a traditional IRA.<\/p>\n<p>&#8220;I would consider it not a Roth, but I would consider it a hybrid between a 529 and a traditional IRA because it is going to be taxed at some point,&#8221; Perez said.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=1883\">Tucson space company cuts dozens of jobs after NASA contract ends<\/a><\/p>\n<p><b>RELATED STORY | <\/b><b>&#8216;Trump Accounts&#8217; for kids: How the program works and when it begins<\/b><\/p>\n<p>Unlike a 529, the funds are not limited to educational expenses. The money can be used to buy a home, plan for retirement, or for other financial goals.<\/p>\n<p><b>How much could it grow?<\/b><\/p>\n<p>The White House projects that $1,000 left untouched could grow to nearly half a million dollars by retirement, based on roughly 7% annual compound interest. Parents can contribute up to $5,000 per year until the child turns 18, which Perez said could grow to approximately $3 million by retirement age.<\/p>\n<p><b>What happens at 18?<\/b><\/p>\n<p>Withdrawals are allowed at 18, but early withdrawal penalties and ordinary income taxes apply. Perez recommends converting the account to a Roth IRA at that point.<\/p>\n<p>&#8220;The moment you turn it into a Roth, the interest and the taxes or the accumulation period becomes tax-free,&#8221; Perez said.<\/p>\n<p>Because most 18-year-olds are in a low tax bracket, the conversion tax could be minimal \u2014 potentially zero.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=1881\">HonorHealth CEO Todd LaPorte to step down, successor named<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trump Accounts launch in July with a $1,000 seed for eligible children. Here&#8217;s who qualifies and how to maximize the savings.<\/p>\n","protected":false},"author":1,"featured_media":1886,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-1887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-scripps-news-life"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trump accounts: What parents need to know about the new savings program - Arizona Moving Insider<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arizonamovinginsider.com\/?p=1887\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump accounts: What parents need to know about the new savings program - Arizona Moving Insider\" \/>\n<meta property=\"og:description\" content=\"Trump Accounts launch in July with a $1,000 seed for eligible children. 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