Trump accounts are a child retirement account that you or your family members can contribute to.
Contribution limit of $5,000 (This is a non-deductible, post tax contribution)
Children born after December 31st, 2024 and before January 1st, 2029, are eligible for a One time $1,000 federal pilot program contribution. (The federal government will put a free $1,000 into your child's account.
The account will officially open July 4, 2026
You may begin contributions after it is open
You can elect to open the Trump Account for any child under 18 years old.
If you received tips last year, they should be on your W2
The first $25,000 is non-taxable.
Income limits apply. (See link at the bottom to learn more)
No Tax On Overtime
If you had any over time this year, it may or may not be on the W2. Please be ready to send over your final pay stub for 2025.
If you received any OT pay, the first $12,500 of OT portion of the pay is not taxable. (Up to $25,000 for MFJ)
This does not mean that ALL of your OT is Tax deductible. The tax deductible portion is the amount above your regular time pay. So, the 0.5 portion of the 1.5 OT pay. (Or half of your total double time pay)
No Tax on Car Loan Interest
Must be a new car
Final Assembly in USA
Vehicle must have GVWR under 14,000 lbs
Loan must be Jan 1st, 2025 or after
Used more than 50% for personal use (not business)
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