To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.

Summary

This bill allows sole proprietors a retroactive elective deferral under a tax-exempt retirement plan that is adopted after the close of the taxable year and before the time for the filing of the individual's tax return. The elective deferral is treated as made prior to the end of the plan's first plan year. An elective deferral is an amount contributed to certain tax-exempt retirement plans (e.g., 401(k)s, 403(b)s, SIMPLE pension plans and IRAs) by an employer at the employee's election and which, except to the extent they are designated Roth IRA contributions, are excludable from the employee's gross income.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 April 2021

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• Introduced in House (PDF)

  Introduced in House · EN · 30 April 2021

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 30 April 2021

  Open at official source

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