To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRAs for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

openUnited States· United States Congress· EN

Introduced

6 January 1999

Last action

7 January 1999 · Introduced

Status

Sponsor introductory remarks on measure. (CR E34)

Summary

Amends the Internal Revenue Code to permit penalty-free distributions from an individual retirement account (IRA) for long- term care services and to pay certain medical expenses of certain lineal descendants and ancestors. Excludes from gross income certain distributions which are repaid. Expands penalty-free withdrawals for the unemployed for health insurance premiums. Increases deductible IRA contribution amounts, and provides for inflation indexing. Eliminates the phase-out for individuals who are not active participants in defined contribution plans, and increases applicable dollar amounts for taxpayers other than those married filing separately. Increases 401(k) plan contribution limits. Establishes an alternative method for satisfying nondiscrimination requirements. Excludes inherited IRAs and certain 401(k) plans from a decedent's gross estate. Allows a designated beneficiary of an inherited IRA to hold such IRA free of immediate distribution provisions. Allows inherited 401(k) amounts as nondeductible contributions to a beneficiary's IRA, and excludes such amounts from income if so contributed.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

6 January 1999
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
6 January 1999
Introduced
Introduced in House
Source: IntroReferral
6 January 1999
Introduced
Introduced in House
Source: IntroReferral
7 January 1999
Introduced
Sponsor introductory remarks on measure. (CR E34)
Source: IntroReferral

Votes

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Versions

Introduced in House · 6 January 1999 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 6 January 1999
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Introduced in House (PDF)
Introduced in House · EN · 6 January 1999
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Introduced in House
summary · EN · 6 January 1999
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Related records

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Sources

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Official source: https://www.congress.gov/bill/106th-congress/house-bill/188
Open data entity: https://api.congress.gov/v3/bill/106/hr/188
us · 106-hr-188 · source updated 2 January 2025