Latest / Durham News Today | 2 Min News | The Daily News Now!
Trump Account: Tax-Free Wealth for Kids | Durham News
A new IRA option for kids under 18 lets parents, grandparents, and even employers contribute up to $5,000 yearly—no job needed. The funds grow tax-deferred until age 18, when they can be converted to a Roth IRA. If done during a low-income year, the conversion tax is minimal, and future growth and withdrawals become completely tax-free. Experts say maxing contributions over 18 years could yield over a million dollars by age 60, with parents covering conversion taxes as gifts. But timing matters: converting while still a dependent could trigger higher taxes, so waiting until the child is fully…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.