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Kiplinger
Kiplinger
Business
Kelley R. Taylor

IRS Updates Gift Tax Exclusion Rules for Trump Account Contributions

IRS Donald Trump United States
Wooden dollar sign next ti a question mark symbol .

A major tax question surrounding new Trump Accounts has now been answered by the IRS.

The federal tax agency recently issued guidance clarifying how contributions to the children’s savings accounts will be treated for federal gift tax purposes. This clarification comes as the accounts officially launched on July 4 with a full-court press on July 6.

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