A bill to provide an Individual Retirement Account credit in lieu of a deduction and to extend Individual Retirement Account benefits to non-working spouses and divorced persons.

Summary

Amends the Internal Revenue Code to provide that the compensation of the higher-paid spouse may be taken into account in determining the income tax deduction for contributions to the individual retirement account of the other spouse. Treats alimony as compensation for purposes of determining the income tax deduction for contributions to an individual retirement account. Allows an income tax credit in lieu of the income tax deduction presently allowed for contributions to an individual retirement account. Sets the amount of such credit at 35 percent of the amount which would be deductible under present law.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 27 February 1984

  Open at official source

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