This post explores how the Trump Account works, compares it to existing options like the 529 plan, and what it could mean for families seeking to build generational wealth.

The IRS has recently introduced the new Schedule 1-A Form as part of the One Big Beautiful Bill, a significant piece of legislation from the Trump Administration. This new form allows taxpayers to deduct various benefits, including overtime pay, tips, car interest, and more. For many employees, especially those working overtime or considering a new car purchase, this could mean serious savings come tax season.