Robert Brokamp

speaker

4,580 appearances 41 recordings 3 series first heard Oct 2025 last heard 3d ago

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 41 in all, peaking in Sep 2026 with 5.

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Motley Fool Hidden Gems Investing · Trump Accounts Are Live, But Are They the Best Choice? · 11 Jul 2026 podcast

And at that point, by the way, they have control over it. matched

Then what happens? matched

Yes, and everything you said is correct, and it is related to federal taxes. matched

I will point out that you should check with your state, because not all states are conforming their laws to the federal laws. matched

And this is another area that is evolving. matched

So just check in to see how your state is going to tax these. matched

And as we mentioned previously, contributions from parents, grandparents, or adults, that comes in after tax. matched

Which could be a little challenging because you want to track that so that you make sure that it comes out tax-free when you take out the withdrawal. matched

So it can be a challenge. matched

And again, a lot of the guidance here is evolving. matched

But from what I can tell from the tax pros that I've read from, you should be filing Form 8606 every time you make one of these after-tax contributions to a Trump account. matched

It's the same form you'd use if you make after-tax contributions to a traditional IRA. matched

Just talk to your tax professional about doing that. matched

We've talked a little bit about the annual contribution limits. matched

Talk about how that's somewhat of a downside. matched

And I'll just add that I believe in 2028, the account limits will start to be adjusted for inflation, but it won't be a huge, you know, it'll be a little step up a little bit each and every year. matched

And we talked a little bit too about how at age 18, it becomes their account. matched

So there's a certain amount of loss of control. matched

You assume they'll be responsible because you've taught them all along the way how to be a responsible person with the money, but there are no guarantees. matched

So that's one of the benefits of an account like, oh, maybe a 529 where you always maintain control of the money. matched

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