H.R. 5497 · 110th Congress
Kids IRA Act of 2008 (K-IRA)
- Stage
- In committee
- Sponsor
- John Murtha
- Introduced
- 2008-02-26
- Latest action
- 2008-02-26 · Introduced in House
Summary
Kids IRA Act of 2008 (K-IRA) - Amends the Internal Revenue Code to establish young savers account for individual taxpayers under age 26. Treats such accounts as Roth individual retirement accounts (Roth IRAs) for income tax purposes. Allows a tax deduction for contributions to young savers accounts, up to $5,000 a taxable year.