A bill to amend the Internal Revenue Code of 1986 to permit fellowship and stipend compensation to be saved in an individual retirement account.
Graduate Student Savings Act of 2019
This bill allows funds paid to an individual to aid in the pursuit of graduate or postdoctoral study or research to be saved in an Individual Retirement Account (IRA). The bill permits the funds to be considered compensation for purposes of current law provisions that limit annual deductible IRA contributions to the lesser of (1) the deductible amount permitted under current law, or (2) the compensation includible in the individual's gross income for the year.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Became Public Law No: 116-94.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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