A bill to amend the Internal Revenue Code of 1954 to allow the deduction for contributions to individual retirement savings even though the taxpayer is an active participant in a pension plan and to increase the maximum deduction allowed for such contributions, and to require the Secretary of the Treasury to provide, with the instructions for completing individual income tax returns, a simple-language explanation of the requirements and benefits of such deduction.

Summary

Amends the Internal Revenue Code to allow the income tax deduction for contributions to individual retirement savings even though the taxpayer is an active participant in a tax-qualified employer pension plan. Increases the maximum deduction allowed for such contributions and requires the Secretary of the Treasury to provide a simple-language explanation for the requirements and benefits of such deduction.

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1 official file

• Introduced in House

  summary · EN · 18 February 1981

  Open at official source

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