Trump Accounts: What You Need to Know

Trump accounts — technically the 530A — went live July 4th, and Justin Harvey opened three for his own kids just to see how they work. These accounts are child-owned, they behave like a traditional IRA, and they come with rules most physicians haven't heard yet.  Tag along with Jimmy Turner and Justin Harvey as they discuss where they actually belong in your savings hierarchy, and who should pass entirely.Resources: Get 10% off working with Gelt, the tax strategy team that Jimmy Turner personally uses: https://moneymeetsmedicine.com/CPA Every doctor needs own-occupation disability insurance.  Get it from a source you can trust: https://moneymeetsmedicine.com/disability    Want a free copy of The Physician Philosopher’s Guide to Personal Finance?  Snag your copy here: https://moneymeetsmedicine.com/freebook What you'll learn: Why the 530A is closer to a traditional IRA than a 529 — and the basis-tracking problem nobody is warning parents about Where Trump accounts rank against 401(k)s, backdoor Roths, and 529s in a physician savings hierarchy Who actually gets the free $1,000, and why older kids are treated differently The Roth conversion play at age 18 — and the risk of handing an 18-year-old a quarter-million-dollar account Why a kid's Roth IRA may teach better money lessons than any government-funded account Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.