Summary of H.R. 3838 (Tax Reform Act of 1986) As Passed By the Senate Jcs-14-86
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The limit on nondeductible contributions for a taxable year is the same as the limit on deductible IRA contributions (i.e., the lesser of 100 percent of compensation (earned income in the case of a self-employed individual) or $2,000 ($2,250 in the case of an addi- tional contribution to a spousal IRA)). Earnings on nondeductible IRA contributions are not subject to tax until they are withdrawn.
In addition to the foregoing provisions limiting the deductibility of IRA contributions, the bill ex...presses the sense of the Senate that the conferees on the tax reform bill should give the highest priority to retaining the maximum possible tax benefits for individual re- tirement arrangements, to encourage their use as a principal vehi- cle for ensuring retirement security.
Under the bill, the rules relating to spousal IRA contributions are amended to eliminate the requirement that the spouse have no earned income for the year in order to be eligible for the spousal IRA contribution.
The bill provides that no deduction is allowed for interest on in- debtedness incurred or continued to make an IRA contribution.
What to read after Summary of H.R. 3838 (Tax Reform Act of 1986) As Passed By the Senate Jcs-14-86?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The limit on nondeductible contributions for a taxable year is the same as the limit on deductible IRA contributions (i.e., the lesser of 100 percent of compensation (earned income in the case of a self-employed individual) or $2,000 ($2,250 in the case of an addi- tional contribution to a spousal IRA)). Earnings on nondeductible IRA contributions are not subject to tax until they are withdrawn.
In addition to the foregoing provisions limiting the deductibility of IRA contributions, the bill ex...presses the sense of the Senate that the conferees on the tax reform bill should give the highest priority to retaining the maximum possible tax benefits for individual re- tirement arrangements, to encourage their use as a principal vehi- cle for ensuring retirement security.
Under the bill, the rules relating to spousal IRA contributions are amended to eliminate the requirement that the spouse have no earned income for the year in order to be eligible for the spousal IRA contribution.
The bill provides that no deduction is allowed for interest on in- debtedness incurred or continued to make an IRA contribution.
What to read after Summary of H.R. 3838 (Tax Reform Act of 1986) As Passed By the Senate Jcs-14-86?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. Joint Committee On Taxation to read onlineMoreLess
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