A bill to amend the Internal Revenue Code of 1954 to repeal the earned income limitation on the deduction for retirement savings and the age 70 1/2 limitation on the deduction and distribution of retirement savings.

openUnited States· United States Congress· EN

Introduced

31 July 1985

Last action

—

Status

Committee on Finance requested executive comment from OMB, Treasury Department.

Summary

Amends the Internal Revenue Code to allow a maximum $2,000 per year income tax deduction for contributions to an individual retirement account regardless of the earned compensation of the taxpayer. Repeals the age 70 and one-half limitation for taxpayers eligible for an income tax deduction for contributions to an individual retirement account. Repeals the requirement that distributions to a taxpayer from an individual retirement account must begin at age 70 and one-half.

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Versions

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Documents

1 official file

Introduced in Senate
summary · EN · 31 July 1985
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/99th-congress/senate-bill/1539
Open data entity: https://api.congress.gov/v3/bill/99/s/1539