Robert Engle
Chief Financial Officer at Rightsize Funding
Based in Las Vegas, United States
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Seniority
C-Team
Department
Finance & Accounting
Location
Las Vegas
Industry
Financial Services
Company size
13
Contact information
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r•••••••@rightsizefunding.com
Phone
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Background
About Robert Engle
My understanding of the tax-advantaged savings accounts for minors. • Children born between 2025 and 2028, who are U.S. citizens with a Social Security number, will receive in seed money in their account from the federal government. • The employer of the parent can add up to another $2,500 that is not taxable income to the parent. So can states and certain non- profit agencies. Restrictions apply. • Parents will still be able to open a Trump Account for children born outside those years, but no government contribution will be made. • There should be no reason to pass on the free government seed money or any other tax-free contributions for children born between 2025 and 2028. Withdrawals may be subject to penalties and/or taxes. Other restrictions may apply. In summary, if nothing else, it is a free gift of for newborns when they turn 18. • Parent for kids born outside the eligible years can create an account, but the accounts don't offer the benefits provided to newborns. • Check with you tax advisor if this could help you or anyone in your family.
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