To amend the Internal Revenue Code of 1986 to increase the deduction for retirement savings, to permit nonemployed spouses a full IRA deduction, and for other purposes.

Summary

Amends the Internal Revenue Code to increase the retirement savings deduction and the maximum individual retirement account contribution from $2,000 to $2,500. Raises income phase-out limits. Allows such a deduction for nonemployed spouses. Provides an inflation adjustment for retirement savings deductions. Excludes from gross income qualified distributions from certain retirement plans for first-time homebuyers and higher education expenses of the taxpayer, spouse, or child. Requires the repayment of such amounts with interest.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 April 1994

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 April 1994

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 April 1994

  Open at official source

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