A bill to amend the Internal Revenue Code of 1954 to allow nondeductible savings contributions to individual retirement accounts and individual retirement annuities and for other purposes.
Savings Incentive Act of 1983 - Amends the Internal Revenue Code to allow nondeductible excess contributions to individual retirement accounts and individual retirement annuities up to a specified amount.
Permits withdrawals from such accounts or annuities up to $10,000 without tax penalty, in order to purchase a first home or finance the higher or vocational education of a dependent child.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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