To amend the Internal Revenue Code of 1986 to allow individuals a deduction for contributions to education individual retirement accounts, to increase the amount which may be contributed to such accounts, to permit such accounts to be used to pay elementary and secondary education expenses and training expenses of older individuals, and for other purposes.
Education for Life Act of 1998 - Amends the Internal Revenue Code to expand permitted withdrawals from education individual retirement accounts to include: (1) qualified elementary and secondary education expenses (including home schooling expenses); and (2) qualified job training expenses. Increases from: (1) $500 to $2,500 the maximum amount which may annually be contributed to such an account; and (2) 18 to 55 the age until which contributions may be made to a beneficiary's account. Permits a deduction (for both itemizers and nonitemizers) for such contributions.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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