Individual Retirement Income Security Act

Individual Retirement Income Security Act - Allows a tax deduction under the Internal Revenue Code for amounts paid in money during the taxable year by an individual for his benefit: (1) to a qualified individual retirement account; or (2) for a qualified individual retirement bond purchase.

States that the amount allowable as a deduction to an individual for any taxable year shall not be less than the lesser of his earned income paid or accrued for such taxable year up to a deduction of $1,000, nor more than 15 percent of his earned income paid or accrued for such taxable year, up to a deduction of $1,500.

States that no deduction shall be allowed under this Act with respect to any payment which is made by an individual who attains the age of 70 1/2 years before the end of the taxable year.

Defines the term qualified individual retirement account for the purposes of this Act. Provides that this Act shall be applied without regard to the community property laws for any state.

States that the amounts actually paid, distributed, or made available to any distributee by a qualified individual retirement account shall be taxable to him in the year in which such amounts are actually paid.

Establishes provisions for premature distributions.

Imposes an excise tax on individual retirement accounts. States that such tax shall apply only for taxable years in which the individual who established such account attains the age of 70 1/2 years.

Sets forth the requirements for individual retirement bond purchases under this Act.

States that the amendments made by this Act shall apply to taxable years begining after December 31, 1974.