President's IRA proposal introduced
Article Abstract:
The individual retirement account (IRA) provisions of Pres Clinton's Middle Class Bill of Rights Tax Relief Act proposal would increase the income levels below which taxpayers are eligible for IRA contribution deductions. The levels would be increased from $35,000 and $50,000 for single and married filing jointly taxpayers, respectively, to $70,000 and $100,000. The lower income levels at which a phase-out begins would be increased. These levels and the deduction maximum, currently $2,000, would be indexed to inflation. The bill also proposes Super IRAs to which nondeductible contributions could be made.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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IRA bank trustee not liable for fraudulent loss resulting from investment direction by IRA owner
Article Abstract:
The Seventh Circuit Court ruled in Metz v. Independent Trust Corp that exculpatory provisions drafted by an individual retirement account's (IRA) owner freed the IRA trustee from responsibility for the direction of the account's investment. The court ruled that there were no provisions for overriding exculpatory clauses for such accounts even if they were protected under ERISA, which the account in questions was not. Additionally, the court ruled that Illinois trust law affirms the validity of exculpatory clauses except in cases of bad faith or reckless indifference.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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House Republicans' Contract with America legislation contains IRA provision; Roth-Breaux IRA Plus legislation introduced
Article Abstract:
One piece of legislation proposed under the Republican "Contract with America", the American Dream Restoration Act, will affect the taxation of individual retirement accounts (IRAs). The Act would establish child tax credits and the American Dream Savings Account. IRA funds could be rolled over into this account, though the roll-over would be taxable. Sen. William Roth has introduced the Restoration of the IRA Act of 1995, which would establish IRA Plus accounts that would allow taxation of distributions to be paid over four years.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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