Treasury and IRS issue temporary Trump Accounts regulations with automatic enrollment
The Treasury Department and the IRS issued temporary regulations (T.D. 10056), effective Sept. 30, for Trump Accounts, the tax-favored savings accounts for children under section 530A. On or about Oct. 1, Treasury will elect to open 'auto accounts' for eligible children who lack one, held in a master group trust until a guardian claims them. The rules also set requirements for qualified general contributions, including gifts of publicly traded stock.
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