The Trump Accounts are a plan to help young adults who have children up to a certain age have a savings plan. Sixty million plans have already been set up using Social Security numbers of those children plus another ten million set up other ways. Parents or guardians must go to the website Trumpaccounts.gov to register their child and claim the $1000. You can also download the app from the App Store. Anyone can make contributions to the account up to a max of $5000 after tax contribution per year. An employer can make a $2500 contribution (in that $5000) on behalf of an employee’s child which would result in a deduction for them. There can be no withdrawal of that money and at age 18 it would roll over into an IRA. Then the rules of an IRA would be in place. All the information about Trump accounts can be found on the website.

Bates also referenced tax law changes for 2026. There will be a charitable contribution above the line which will benefit persons who need to be able to use their charitable contributions as a tax deduction. He also mentioned the phasing out of the senior deduction over the next years.

We appreciate Steve for his contributions as a Kiwanian and for the information he shares each year about taxes.