A new federal investment program could give children a financial head start, but parents have an important step to take before managing the money.

Trump Accounts are a new type of individual retirement account created under the federal tax law signed by President Donald Trump. Designed for long-term saving, the accounts can receive contributions from families, employers and qualifying donors. Some children also qualify for a one-time $1,000 federal deposit.

For Logan County families, understanding the difference between having an account, claiming it and qualifying for the government contribution is the place to start.

Treasury announced Oct. 1 that it had completed automatic enrollment, creating accounts for more than 60 million additional eligible children. However, an automatically opened account still must be claimed by an authorized parent or guardian before that person can manage it and receive contributions from family, friends and employers.

The IRS says a child qualifies for an account with a valid Social Security number if the child will not turn 18 before the end of the calendar year in which the account is established….READ MORE…