En esta noticia
The Internal Revenue Service (IRS) issued a statement through its official website announcing new guidance for those who make contributions to the so-called Trump Accounts.
The agency establishes a “safe harbor” (safe harbor) that would allow these contributions to be exempt from filing a gift tax return as long as the requirements are met.
What is the safe harbor?
What the IRS determines with this new principle is that the contributions will be treated as completed gifts because they do not constitute a future interest and may qualify for the annual gift tax exclusion. Therefore, it will not be necessary to file a gift tax return.
Who does this new rule benefit?
This new rule benefits those who meet these conditions:
- It is a natural person.
- Makes contributions of cash.
- The contribution is made to a beneficiary under 18 years old.
Therefore, this can benefit parents, grandparents, and other relatives.
What is the contribution limit?
A general contribution limit of 5,000 dollars per year may be deposited, an amount that will begin to be adjusted for inflation in 2028.
For this amount, the federal initial deposit of 1,000 dollars for the pilot program does not count, nor do certain government contributions.
Trump Accounts are savings and investment accounts created under the Working Families Tax Cuts law for American minors. Details to keep in mind:
- For minors under 18 years old.
- No contributions can be received before July 4.
- The Government deposits 1,000 dollars for certain eligible children born between 2025 and 2028.
- Relatives and other people may make additional contributions.