To amend the Internal Revenue Code of 1986 to repeal the restrictions on retirement savings deductions added by the Tax Reform Act of 1986 and to allow up to a $2,000 deduction for retirement savings for a nonworking spouse.

Summary

Repeals provisions of the Tax Reform Act of 1986 that place limitations on: (1) individual retirement account (IRA) deductions for active participants in certain pension plans; and (2) nondeductible contributions to individual retirement plans. Amends the Internal Revenue Code to permit a nonworking or the lesser-earning spouse filing a joint income tax return to include the spouse's compensation in calculations made to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting such a taxpayer to deduct up to $2,000).

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 January 1989

  Open at official source

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