Accounting for Motherhood

Feature Roth IRA Traditional IRA Tax deduction today ❌ No deduction for contributions ✅ Potential deduction for contributions Taxes on contributions Pay income tax now May get a tax deduction now Taxes on investment growth Tax-free Tax-deferred Taxes when withdrawing Tax-free if qualified Withdrawals generally taxed as ordinary income Qualified withdrawal age Generally 59½, plus 5-year rule Generally 59½ Required Minimum Distributions (RMDs) ❌ None during your lifetime ✅ Gene

I’m sure you have heard some rumblings from family, friends or the news about the new “Trump” accounts for children. The technical term for these accounts is a 530A account as this is the specific section of the Internal Revenue Code that these accounts are written into the tax law as. These accounts are now live and available for parents to decide if they would like to open one up on behalf of their children. Before getting into this topic, I do have to emphasize that this

April 15th is commonly known as “tax day” and is a dreaded day for the average American. Parents are already juggling full time jobs, extra-curriculars for their children and everyday household tasks, making tax season even more stressful. To make matters worse, the tax law is nearly impossible to navigate and oftentimes difficult to understand. This leaves us feeling even more stressed about compiling our tax documents and ensuring that our tax returns are fair, complete and