BAKERSFIELD, Calif. (KERO) \u2014 Parents can now contribute to Trump accounts, the new IRA-style savings accounts launched by the Treasury Department.<\/p>\n
Anyone can contribute to the accounts, but there is an annual limit of $5,000. Contributions are made using after-tax dollars.<\/p>\n
The tax advantage comes in that dividends and realized capital gains are not taxed until those funds are withdrawn.<\/p>\n
When the child turns 18, the accounts are automatically converted into an IRA.<\/p>\n
For kids born between 2025 and 2028, the government will contribute an extra $1,000.<\/p>\n
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.<\/p>\n
Stay in Touch with Us Anytime, Anywhere:<\/p>\n","protected":false},"excerpt":{"rendered":"BAKERSFIELD, Calif. (KERO) \u2014 Parents can now contribute to Trump accounts, the new IRA-style savings accounts launched by…\n","protected":false},"author":2,"featured_media":385440,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[151,155,153,152,155546,162,24005,145808],"class_list":["post-385439","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bakersfield","tag-bakersfield","tag-bakersfield-downtown","tag-bakersfield-headlines","tag-bakersfield-news","tag-ira-savings-accounts","tag-kern-county-news","tag-treasury-department","tag-trump-accounts"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/385439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=385439"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/385439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/385440"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=385439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=385439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=385439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}