H.R. 5497, The Kids IRA Act of 2008 (K-IRA)

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 5497 would amend the Internal Revenue Code of 1986 to provide for tax preferred savings accounts for individuals under age 26.

Detailed 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.

Status of the Legislation

Latest Major Action: 2/26/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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