Search Results: keywords:"rollover contributions"

  • H. R. 6757 — To amend the Internal Revenue Code of 1986 to permit the rollover contributions from Roth IRAs to designated Roth accounts.
    Status:Introduced in House
    Words:449

    H.R. 6757 proposes changes to the Internal Revenue Code of 1986 to allow Roth IRA funds to be transferred directly into designated Roth accounts through a trustee-to-trustee transfer. It specifies how these transfers are treated for tax purposes, ensuring they qualify as...

    Simple Explanation

    H.R. 6757 wants to allow people to move money straight from one type of savings account called a Roth IRA to another, called a designated Roth account, kind of like moving toys from one toy box to another, without causing any trouble with the rules.

  • H. R. 9394 — To amend the Internal Revenue Code of 1986 to reform health provisions, and for other purposes.
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    Status:Introduced in House
    Words:4,280

    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.