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JPM and BOA will match $1k contributions to Trump accounts
Posted on 1/28/26 at 10:08 am
Posted on 1/28/26 at 10:08 am
quote:CNBC
JPMorgan Chase
and Bank of America
said Wednesday in separate announcements that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees, the latest corporations to announce such a measure.
The so-called “Trump accounts” are part of a pilot program that deposits $1,000 from the U.S. Treasury into a tax-advantaged account for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.
The program, partly the brainchild of hedge fund manager Brad Gerstner, aims to help narrow the U.S. wealth gap by encouraging long-term saving and investing from birth. It has attracted commitments from a growing list of wealthy individuals, from billionaires such as Michael and Susan Dell and Ray Dalio to rap artist Nicki Minaj.
“JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States,” CEO Jamie Dimon said in a release. “By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future.”
In a memo sent to employees Wednesday first reported by Reuters, Bank of America said it applauded the government’s “innovative solutions” for employee savings.
Financial firms dominate the list of companies that are matching contributions for the new accounts. Besides JPMorgan and Bank of America, the two largest U.S. banks by assets, BlackRock, BNY, Robinhood, SoFi and Charles Schwab have made similar announcements.
7
Posted on 1/28/26 at 10:24 am to bigjoe1
I had my first child last March. I’ve looked into these account accounts, and they don’t seem to make much sense other than that you get a free $1000. I’m going to take the free money, and add a $5000 amount that my dad gave to him when he was born.
After that, I’m not going to touch it. It doesn’t have the tax advantages of other accounts like a 529. It doesn’t offer the investment freedom of other accounts like a plain brokerage.
I’ll put some money into a 529 for him. I’ll put some money into a brokerage account in his name.
After that, I’m not going to touch it. It doesn’t have the tax advantages of other accounts like a 529. It doesn’t offer the investment freedom of other accounts like a plain brokerage.
I’ll put some money into a 529 for him. I’ll put some money into a brokerage account in his name.
Posted on 1/28/26 at 10:31 am to bigjoe1
quote:
tax-advantaged account for eligible children born in the U.S. between Jan. 1, 2025
I hope there are some strict parameters to "eligible"
Posted on 1/28/26 at 11:13 am to DrrTiger
quote:Bessent says 600K families have applied CNBC
Treasury Secretary Scott Bessent said “600,000 families out of an estimated 25 million” have already signed up for Trump accounts since the official start of tax season on Monday.
“We want all Americans to start signing up,” he said in an interview with CNBC. Bessent also attended a summit on Wednesday with President Donald Trump to promote Trump accounts, also known as Section 530A accounts.
As of Monday, when tax filers file their 2025 tax return, they can open a Trump account by making elections on IRS Form 4547. There are two elections: one to open the account and one to receive the $1,000 “pilot program contribution.”
“Low-income families, in particular, tend to file early in the tax season because they rely on tax refunds,” said Jason Ewas, associate director at the Aspen Institute Financial Security Program, a nonprofit forum.
“There was a lot of talk this year about refunds being bigger, so that seems within the realm of possibility,” he said of Bessent’s signup figure.
Families can also enroll through an online tool on Trumpaccounts.gov, which is expected to be available by the middle of 2026. However, contributions won’t begin until July.
Posted on 1/28/26 at 11:38 am to bigjoe1
For employees. Do we have any here? If not, whoopie
Posted on 1/28/26 at 12:11 pm to mule74
quote:
After that, I’m not going to touch it. It doesn’t have the tax advantages of other accounts like a 529. It doesn’t offer the investment freedom of other accounts like a plain brokerage.
The only advantage I can think of (beyond the free match) is that it offers tax free growth, so if you're already maxing out a 529 and for some reason plan to spend even more than that on future education expenses, I guess you could use this as another vehicle. But yeah, other than the match, it's inferior to a 529 in pretty much every way, at least as far as I can tell.
Posted on 1/28/26 at 12:16 pm to bigjoe1
What about my 7 year old and 4 year old? They get money too?
Oh right, this country never gives out money fairly.
Oh right, this country never gives out money fairly.
This post was edited on 1/28/26 at 12:17 pm
Posted on 1/28/26 at 12:36 pm to Craft
quote:
What about my 7 year old and 4 year old? They get money too?
Oh right, this country never gives out money fairly.
Posted on 1/28/26 at 12:46 pm to bigjoe1
How did they come up with that date range. Some typical government BS.
Posted on 1/28/26 at 12:52 pm to GREENHEAD22
quote:
How did they come up with that date range. Some typical government BS.
Typical, as in typical politician: it's the full calendar years encompassing Trump's current term.
Term: Jan 20, 2025 - Jan 20, 2029
Plan: Jan 1, 2025 - Dec. 31, 2028
Posted on 1/28/26 at 1:26 pm to Craft
The best mentality to never improve.
“I didn’t get that, so you shouldn’t either!”
“I didn’t get that, so you shouldn’t either!”
Posted on 1/28/26 at 1:30 pm to SulphursFinest
Not thrilled about this but my son qualifies so gimme dat moneeee
Posted on 1/28/26 at 1:39 pm to bigjoe1
If you are a Democrat, you should boycott these accounts and demand repeal.
Posted on 1/28/26 at 2:50 pm to SulphursFinest
If we're being honest, the vast majority of these accounts will either:
1) Help kids whose parents are already saving for them in other vehicles
2) Have the original seed money and then sit stagnant
People who weren't saving before aren't going to suddenly start because of these accounts.
1) Help kids whose parents are already saving for them in other vehicles
2) Have the original seed money and then sit stagnant
People who weren't saving before aren't going to suddenly start because of these accounts.
Posted on 1/28/26 at 4:45 pm to Craft
quote:
What about my 7 year old and 4 year old? They get money too?
Oh right, this country never gives out money fairly.
Happened to me on a car loan for the Big Beautiful Bill.
I signed for a new car loan on the day after Christmas in 2024. Had I waited for the purchase date to be Jan 1st or later, the interest would be tax deductible.
I wonder if somehow I could still get that deduction on my income even though everything wouldn't be completely finalized until after the 1st on the lender side of things.
Posted on 1/28/26 at 6:42 pm to bigjoe1
Kid due in 3 months will be the only one I have to qualify.
I'll take it.
I'll take it.
Posted on 1/28/26 at 6:53 pm to DrrTiger
quote:
People who weren't saving before aren't going to suddenly start because of these accounts.
Fact. I have another way of moving 2,500 from my company to my kids and fully tax deductible. I’ll take it for as long as it’s available.
Posted on 1/29/26 at 10:36 am to Craft
Bet you didn’t say this when you got them Covid checks
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