Why Trump Accounts are Not Helpful for Doctors
The Trump Accounts are available to invest but make sure you know the features and potential traps of the account. In this video, you will understand the tax benefits and flexibility of the account, compared to other common children accounts e.g. Roth IRAs, 529s, taxable accounts. You will also learn a lesser-known strategy for the Trump account, converting it into a Roth IRA after the Child turns 18 years old. Qualifying Child 5 Tests: https://turbotax.intuit.com/tax-tips/... Financial Planning for Physicians in their 30s to 40s: https://www.familystyleadvisors.com/ This video is for educational purposes only and should not be considered individualized financial, tax, legal, or investment advice. Chapter 00:00 Get Started 00:31 Trump Account Basics 04:54 $1,000 for Newborns 06:36 Trump Acct vs. Other Accts 06:49 Tax Benefits 09:05 Roth Conversion Strategy 10:59 Investment Flexibility 13:03 Withdrawal Flexibility 15:04 Final Verdict #Investing #Taxplanning
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