H.R. 2022 · 111th Congress
K-IRA Act
- Stage
- In committee
- Sponsor
- John Murtha
- Introduced
- 2009-04-22
- Latest action
- 2009-04-22 · Introduced in House
Summary
Kids IRA Act of 2009 or the K-IRA Act - Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 26, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows an income-based tax deduction for contributions to such accounts, up to $5,000 in any taxable year.