§70204 of the One Big Beautiful Bill Act (OB3 Act) established a tax-deferred savings account for children, referred to as a Trump account, in new §530A. The IRS issued preliminary guidance in Notice 2025-68, and forthcoming proposed regulations will generally conform to the notice. The information in this article is from both sources.
For the 2025 tax season, it will be essential to inform clients with children about Trump accounts so that they can decide whether to open one. Tom’s Tax Toolbox has a Trump Account Client Overview for professionals to provide to their clients.
Read more: https://www.tomtalkstaxes.com/p/trump-account-overview (December 19, 2025)