H.R. 4189 · 115th Congress
IRA Preservation Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KellySponsorNo cosponsors.
This bill modifies the requirements for Individual Retirement Arrangements (IRAs) to: (1) require the Department of the Treasury to provide taxpayers with certain educational materials and notifications, and (2) modify various penalties.
What it does: CRS summary · Introduced in House · Oct 31, 2017
IRA Preservation Act of 2017
This bill modifies the requirements for Individual Retirement Arrangements (IRAs) to: (1) require the Department of the Treasury to provide taxpayers with certain educational materials and notifications, and (2) modify various penalties.
Treasury must provide the public with: (1) an overview of the laws and regulations related to IRAs, and (2) examples of common errors with respect to the laws and regulations and instructions on how to avoid the errors.
Treasury must also provide individual taxpayers with specified notices that identify critical failure points, inconsistencies, or errors and include advice on avoiding failures or errors.
The bill amends the Internal Revenue Code to:
- reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions;
- eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA;
- repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and
- revise the statute of limitations for collecting certain taxes in connection with an IRA.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: IRA Preservation Act of 2017
Latest action (Oct 31, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 31, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.