A bill to amend the Internal Revenue Code of 1986 to provide that in the case of individuals who attain age 62 no penalty shall be imposed for failure to pay estimated income tax where taxable income for the taxable years is less than $20,000 ($30,000 in the case of a married couple filing a joint return), and more than 50 percent of such income is retirement income.

Summary

Amends the Internal Revenue Code to exempt from the penalty for failure to pay estimated income tax certain individuals who have attained age 62 if: (1) the taxable income of such individual is less than $20,000 ($30,000 for a joint return); and (2) more than 50 percent of the gross income of such individual is retirement income.

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1 official file

• Introduced in House

  summary · EN · 6 January 1987

  Open at official source

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