A bill to amend the Internal Revenue Code of 1986 to allow individuals who are involuntarily unemployed to withdraw funds from individual retirement accounts and other qualified retirement plans without incurring a tax penalty.

Summary

Amends the Internal Revenue Code to allow an unemployed individual to withdraw any distributions made to the individual's individual retirement account (IRA) or a qualified retirement plan without applying the ten percent additional tax on early distributions during any applicable involuntary unemployment period beginning 30 days after such individual is entitled to receive unemployment compensation.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 November 1995

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 November 1995

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 November 1995

  Open at official source

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