The Economic Times News

Trump accounts 2025: $1,000 for newborns and what parents need to know about taxes

Trump accounts give $1,000 to children born 20252028 to help families save. Parents, relatives, and employers can contribute, but contributors must file gift tax Form 709 because money is not accessible until 18. Experts warn about filing costs and taxes. Many still say the free $1,000 is worth it, but other accounts like Roth IRAs or 529s may be better.