How the new Trump Accounts for children will work

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January 27, 2026 Kevin Brunelle Form 4547, OBBBA, Roth IRA, Section 529, trump account

Trump account

A new tax-advantaged way to help children build up savings for the future was created by the One Big Beautiful Bill Act (OBBBA): Trump Accounts (TAs). Under a pilot program, you can make an election to set up a TA for your U.S. citizen child born in 2025 through 2028 and the federal government will fund the account with $1,000 of free money. But older children also are eligible for TAs as long as they have a Social Security number and are under 18 at the end of the tax year; they just aren’t eligible for the $1,000 government contribution.
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Understanding spousal IRAs: A smart retirement strategy for couples

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July 8, 2025 Kevin Brunelle IRA, IRA Contribution, Roth IRA

spousal IRA

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth taking a closer look at how these accounts work and what the contribution limits are.
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You may be able to make a deductible IRA contribution for last year this year

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February 18, 2025 Kevin Brunelle IRA, IRA Contribution, Roth IRA, SEP

IRA contribution

You may be able to make a deductible IRA contribution for last year this year

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on your 2024 return.

Taming the tax tangle if you’re retiring soon

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February 4, 2025 Kevin Brunelle capital gain, health savings account, HSA, Medicare, retirement plan, RMD, Roth 401(k), Roth IRA, Social Security

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.
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Do you have questions about taking IRA withdrawals?

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January 14, 2025 Kevin Brunelle IRA withdrawal, required minimum distribution, RMD, Roth IRA

IRA withdrawal, RMD

We’ve got answers

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common questions to help you navigate this process.
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6 tax-free income opportunities

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September 3, 2024 Kevin Brunelle capital gains, college savings plan, Coverdell ESA, QSBC, Roth IRA, Section 529

tax-free income opportunities

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications:

New option for unused funds in a 529 college savings plan

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February 27, 2024 Kevin Brunelle 529 plan, Roth IRA

529 unused funds

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a 10% penalty.
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If you didn’t contribute to an IRA last year, there’s still time

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February 20, 2024 Kevin Brunelle IRA Contribution, Roth IRA, SEP

IRA Contribution

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and benefit from the tax savings on your 2023 return.

IRAs: Build a tax-favored retirement nest egg

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January 23, 2024 Kevin Brunelle IRA, IRA distribution, Roth IRA, Traditional IRA

traditional IRA

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.

Retirement account catch-up contributions can add up

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July 18, 2023 Judi Jones 401k, IRA, Roth IRA

retirement contribution

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.