Document Type
Article
Publication Date
1-2026
Description
Excerpt:
Among the changes made by the One Big Beautiful Bill Act (OBBBA) was the creation of a new type of account called the “Trump account.” In simple terms, these accounts are designed to allow individuals under age 18 to begin saving for retirement, typically through contributions made by their parents or other eligible contributors. This article will begin with a discussion of the underlying reasons for creating these accounts and their enactment as part of the OBBBA. Following that, it will discuss the rules relating to these accounts from both the OBBBA’s statutory language as well as recently published preliminary guidance from the IRS. Overall, this article seeks to inform parents and other affected taxpayers about these accounts so they can be prepared in 2026 when taxpayers may begin creating and funding these accounts [...]
Citation Information
McConnell, Heath and Freeman, Michelle, "Trump Accounts: New IRS Guidance on a New Retirement Account for Children" (2026). Faculty Open Access Works. 7.
https://dc.etsu.edu/faculty-open-works/7
Copyright Statement
TSCPA does not require copyright assignment or transfer from authors, nor does TSCPA require first publication rights.
Copyright The Author(s). This article originally appeared in the Tennessee CPA Journal.