Search Results: keywords:"contribution limit"

  • H. R. 8710 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.
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    Status:Introduced in House
    Words:289

    H.R. 8710 proposes a change to the Internal Revenue Code that would allow people to deduct up to $10,000 per year from their taxable income for contributions made to a 529 plan. A 529 plan is an investment account used to save for education expenses. The bill specifies that...

    Simple Explanation

    In this bill, Congress wants to let people pay less money in taxes if they save up to $10,000 a year for school by using a special savings account called a 529 plan, but only if they make $200,000 or less in a year.

  • S. 5422 — To amend the Internal Revenue Code of 1986 to provide a contribution limit and increased minimum distributions for certain retirement plans with large account balances.
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    Status:Introduced in Senate
    Words:3,646

    S. 5422 aims to modify the Internal Revenue Code of 1986 by introducing limits on contributions to certain retirement plans with large account balances and by increasing the required minimum distributions from these plans. The bill sets a contribution cap of $4,000,000,...

    Simple Explanation

    The bill wants to stop people from putting too much money into huge retirement piggy banks by setting a big cap on them, making them take some money out every year, and using extra money to help Social Security.

  • H. R. 7465 — To amend the Internal Revenue Code of 1986 to index dependant care assistance programs to inflation.
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    Status:Introduced in House
    Words:407

    H.R. 7465 aims to amend the Internal Revenue Code to account for inflation in dependant care assistance programs. The bill proposes to increase the maximum contribution limits to these programs, raising them from $5,000 to $10,000, and introduces a cost-of-living adjustment...

    Simple Explanation

    H.R. 7465 is a bill that wants to help families pay for taking care of their kids by letting them put more money aside that grows over time. It also wants to make sure this money goes up as things get more expensive, like when you get more allowance when candy costs more.