A bill to amend the Internal Revenue Code of 1986 to restore the deduction for retirement savings for individuals who are active participants in pension plans and to allow a deduction of up to $2,000 for retirement savings by a nonworking spouse.

Summary

Repeals the limitations enacted by the Tax Reform Act of 1986 on individual retirement account (IRA) deductions for active participants in certain pension 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

1 official file

• Introduced in House

  summary · EN · 4 February 1987

  Open at official source

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