H.R. 1177 · 112th Congress
K-IRA Act
- Stage
- In committee
- Sponsor
- Mark Critz
- Introduced
- 2011-03-17
- Latest action
- 2011-03-17 · Introduced in House
Summary
Kids IRA Act of 2011 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.