Search Results: keywords:"roth ira"

  • 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.

  • S. 5148 — To amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA.
    💰
    Status:Introduced in Senate
    Words:571

    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.

  • H. R. 9765 — To amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA.
    💰
    Status:Introduced in House
    Words:569

    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.