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Search Results: keywords:"contribution limits"

  • H. R. 6857 aims to update the Internal Revenue Code of 1986 to improve health savings accounts (HSAs). The bill proposes increasing contribution limits, allowing more types of insurance plans to be eligible for HSAs, and permitting rollovers from other accounts like FSAs and...

    Simple Explanation

    The bill wants to make it easier for people to save money for doctor's visits and medicine by letting them put more money in special piggy banks called Health Savings Accounts (HSAs). It also tries to make rules clearer so that more people and companies can help put money in these piggy banks and know how to use them.

  • The bill, known as the "Empower Act of 2024," aims to reform the public financing system for Presidential election campaigns in the United States. It proposes changes to the Internal Revenue Code, such as revising matching payment systems for primary elections, increasing limits on...

    Simple Explanation

    The "Empower Act of 2024" wants to change how money is given to people running for president to make it fairer, but some people worry it might make things more complicated and make it easier for rich people to win. It also creates a special fund to help pay for campaigns using money from fines and penalties, but there's concern it might not be managed well or have enough money.

  • S. 4771 proposes changes to the Internal Revenue Code of 1986 to make more people eligible for Health Savings Accounts (HSAs). Currently, only those with high deductible health plans can have HSAs, but the bill changes that to include anyone with any health insurance....

    Simple Explanation

    S. 4771 is a bill that wants to let more people use special savings accounts to save money for medical expenses, even if they don't have a specific kind of insurance. It also wants people to be able to save more money each year in these accounts.

  • S. 5148 proposes changes to the Internal Revenue Code of 1986, allowing certain family caregivers to contribute to a Roth IRA. A "qualified family caregiver" is defined as someone who cares for a child or an adult with special needs without pay for 500 or more hours a year...

    Simple Explanation

    The bill wants to help family caregivers put money into a special savings account for the future, called a Roth IRA, even if they don't make a lot of money from a job, as long as they help someone in their family who needs extra care for a big part of each year.

  • The bill S. 5297, titled the β€œHealth Savings Accounts For All Act of 2024,” proposes amendments to the Internal Revenue Code of 1986 to raise the contribution limits for health savings accounts (HSAs). It introduces additional contributions for individuals aged 50 and older,...

    Simple Explanation

    The bill wants to let people save more money in their Health Savings Accounts for medical bills and adds some extra things they can spend this money on, like vitamins and gym memberships. It also makes it easier to fix money mistakes and lets families pass these accounts to their kids or parents if needed.

  • H.R. 9394, known as the "Health Out-of-Pocket Expense Act of 2024" or the "HOPE Act of 2024," proposes changes to the Internal Revenue Code of 1986. It introduces HOPE Accounts, which are tax-exempt trusts designed to pay for an individual's medical expenses. The bill sets rules for how these...

    Simple Explanation

    The "HOPE Act of 2024" lets people put money into special savings accounts called HOPE Accounts to pay for doctor's visits and medicine without paying extra taxes, but if they use the money for other things, they get charged a big penalty.

  • H.R. 9765, titled the "Improving Retirement Security for Family Caregivers Act of 2024," proposes changes to the Internal Revenue Code to allow specific family caregivers to contribute to a Roth IRA. This bill defines a "qualified family caregiver" as someone who completes at...

    Simple Explanation

    H.R. 9765 wants to help people who take care of someone in their family without getting paid by allowing them to save more money for their future in a special type of savings account called a Roth IRA. To qualify, they need to spend at least 500 hours doing this kind of caring and less than 500 hours doing a paid job each year.

  • H.R. 9010 proposes an amendment to the Internal Revenue Code of 1986 to create universal savings accounts (USAs) for individuals in the United States. These accounts would be exempt from most taxes and could only be funded with cash contributions up to a limit of $10,000 per year, with...

    Simple Explanation

    Imagine there's a special savings piggy bank called a "universal savings account" where people can put up to $10,000 every year, and they don't have to pay most of the usual taxes on this money. However, some people might not be able to use it as much, especially if they live in expensive places or earn a lot of money.