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 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 deduction for contributions to individual retirement accounts to taxpayers who are active participants in other pension plans. Directs the Secretary of the Treasury to prepare an explanation of the requirements and benefits of such deduction and include such information with the instructions for completing income tax returns.

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1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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