HELPER Act of 2019

Summary

Higher Education Loan Payment and Enhanced Retirement Act of 2019 or the HELPER Act of 2019 This bill permits annual tax and penalty-free withdrawals of up to $5,250 from 401(k) plans for higher education expenses and penalty-free withdrawals from individual retirement accounts (IRAs) for student loan expenses. The bill also excludes from gross income, for income tax purposes, distributions up to $5,250 from employer-sponsored student loan and tuition payment plans. It repeals the limitation on the deduction of interest on student loans and increases from $15,000 to $25,000 (adjusted for inflation) the maximum contribution amounts for certain tax-preferred retirement plans. The bill allows employees an election to treat contributions to a 401(k) plan as Roth contributions (thus exempting withdrawals from such plans from tax at retirement).

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 December 2019

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 December 2019

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 December 2019

  Open at official source

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