Lifetime Savings Account Act of 2005

Summary

Lifetime Savings Account Act of 2005 - Amends the Internal Revenue Code to create a tax-exempt trust to be known as a "Lifetime Savings Account" for the benefit of an individual taxpayer or his beneficiaries. Allows an individual taxpayer to make cash contributions up to $5,000 each year to such trusts. Prohibits: (1) investment of trust assets in life insurance contracts; and (2) commingling of trust assets with any other property except in a common trust or investment fund. Provides for an annual cost-of-living adjustment to the contribution amount after 2006. Excludes from gross income distributions from a Lifetime Savings Account. Allows tax-free rollovers to a trust from: (1) another account of the trust beneficiary if the rollover from such other account is completed within 60 days of the date of distribution; (2) from a Lifetime Savings Account of the spouse of the trust beneficiary if the rollover from the spouse's account is completed within 60 days of the date of distribution; (3) from a qualified state tuition plan or a Coverdell education savings account before January 1, 2007.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 March 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 March 2005

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• Introduced in Senate

  summary · EN · 8 March 2005

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