A bill to amend the Internal Revenue Code of 1954 to enhance the equity for spouses under the tax laws by allowing a spousal Individual Retirement Account (IRA) of $2000, and to maintain the relative value of IRA rights over time by indexing the maximum tax-free annual contribution limit to inflation.
Fair Retirement Act of 1985 - Amends the Internal Revenue Code to allow the income tax deduction for a spousal individual retirement account to be computed on the basis of the compensation of both spouses. Allows such a deduction in an amount equal to the lesser of: (1) $2,000 or; (2) the sum of such individual's compensation and so much of the compensation of the spouse of such individual as exceeds the individual retirement account deduction of such spouse.
Provides for annual cost-of-living adjustments to maximum annual individual retirement account contribution limits.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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