To amend the Internal Revenue Code of 1986 to increase the availability of individual retirement accounts, to increase amount deductible for contributions to such accounts, and to permit penalty-free withdrawals from such accounts to pay educational, medical, and business start-up expenses.
Middle Class Flexible Savings Act of 1992 - Amends the Internal Revenue Code to increase the retirement savings deduction and the maximum individual retirement account contribution from $2,000 to $3,000. Raises income phase-out limits. Provides an inflation adjustment for such amounts.
Allows higher retirement savings deductions for nonworking spouses in households with one or more children under the age of six.
Allows penalty-free distributions from certain retirement plans for: (1) qualified higher education expenses of the taxpayer, spouse, or child; (2) business start-up expenditures; and (3) medical expenses. Limits such distributions to individuals whose adjusted gross income does not exceed: $60,000 in the case of an unmarried individual, $70,000 in the case of a joint return, and $35,000 in the case of married individuals filing separately.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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