401(Kids) Education Savings Account Modernization Act of 2016

Summary

401(Kids) Education Savings Account Modernization Act of 201 6 This bill amends the Internal Revenue Code to: (1) limit the requirement for an income-based reduction in allowable contributions to a Coverdell education savings account to an individual who is the custodial parent of an account beneficiary (thus exempting non-custodians of the beneficiary from such reduction), (2) increase the annual contribution limit for such accounts, (3) allow the use of such an account to pay home school expenses, and (4) allow tax-free rollovers of amounts in a Coverdell education savings account to a Roth individual retirement account. The Department of Education shall establish a website (to be known as 401Kids.gov) to provide free information on tax-favored education savings accounts.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 January 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 January 2016

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 January 2016

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.