Trump would be smarter to just pay $1000 into a 529 [lan set up. That can be used for mutiple educational expenses and can be distrbute w/o penalty under many circumstances.
Options for Unused Funds:If your beneficiary graduates or decides not to attend college, you have several penalty-free options:Change the Beneficiary: Transfer the funds to an eligible family member (e.g., a sibling) with no tax consequences.Roth IRA Rollover: Starting in 2024, you can roll up to $35,000 of unused 529 funds into a Roth IRA for the beneficiary over their lifetime, provided the account has been open for 15 years.Keep the Account Open: You can leave the funds invested for future educational goal
While Senator Bill Roth (R-DE) was a good man, I would also have liked those accounts to be called with a suitable descriptor (I think the naming after him was done by his colleagues in Congress to honor his long service rather than its being an ego-trip requirement he wrote into the legislation!). On the other hand, "Roth" is now so commonplace and is shorter than any mouthful that you could come up with for "a retirement account funded with after-tax money that grows tax-free and can be withdrawn tax-free, subject to certain conditions" that "Roth" is just fine now. Haha!
529 and 401(k) are fine too and those are so arcane they were just named after the portion of the law they come from. I looked up the Trump accounts. They come from a part of the law known as 530A. Apparently some financial planners refer to them as 530As. Works for me!
And apparently the IRS form you fill out to either start the Trump account set-up process or to report that you started one is "Form 4547". Wonder how they ever came up with that magic number. 🙄
What a little baby with slavish minions to match his smallness (in all aspects - character, hands, ...).
Trump would be smarter to just pay $1000 into a 529 [lan set up. That can be used for mutiple educational expenses and can be distrbute w/o penalty under many circumstances.
Options for Unused Funds:If your beneficiary graduates or decides not to attend college, you have several penalty-free options:Change the Beneficiary: Transfer the funds to an eligible family member (e.g., a sibling) with no tax consequences.Roth IRA Rollover: Starting in 2024, you can roll up to $35,000 of unused 529 funds into a Roth IRA for the beneficiary over their lifetime, provided the account has been open for 15 years.Keep the Account Open: You can leave the funds invested for future educational goal
Only one problem: 529s are not called TRUMP. He'd have to get Congress to change the name to make this move
Ain't that the truth!!
While Senator Bill Roth (R-DE) was a good man, I would also have liked those accounts to be called with a suitable descriptor (I think the naming after him was done by his colleagues in Congress to honor his long service rather than its being an ego-trip requirement he wrote into the legislation!). On the other hand, "Roth" is now so commonplace and is shorter than any mouthful that you could come up with for "a retirement account funded with after-tax money that grows tax-free and can be withdrawn tax-free, subject to certain conditions" that "Roth" is just fine now. Haha!
529 and 401(k) are fine too and those are so arcane they were just named after the portion of the law they come from. I looked up the Trump accounts. They come from a part of the law known as 530A. Apparently some financial planners refer to them as 530As. Works for me!
And apparently the IRS form you fill out to either start the Trump account set-up process or to report that you started one is "Form 4547". Wonder how they ever came up with that magic number. 🙄
What a little baby with slavish minions to match his smallness (in all aspects - character, hands, ...).