Individual Retirement Savings Act of 1981 - Amends the Internal Revenue Code to increase the allowable income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 ($2,500 for spousal IRA) or the amount of an employee's taxable compensation for the taxable year. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or government pension plans to claim an income tax deduction for contributions to an IRA up to a maximum of $500 for the taxable year.
Disqualifies self-employed individuals from the retirement savings deduction.
Requires financial institutions which provide more than one investment medium for IRAs to disclose specified information with respect to such IRAs.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Executive Comment Requested from Treasury.
See H.R.4242.
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