401(Kids) Education Savings Account Modernization Act of 2016
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jan 28, 2016)
401(Kids) Education Savings Account Modernization Act of 2016
This bill amends the Internal Revenue Code to: (1) limit the requirement for an income-based reduction in allowable contributions to a Coverdell education savings account to an individual who is the custodial parent of an account beneficiary (thus exempting non-custodians of the beneficiary from such reduction), (2) increase the annual contribution limit for such accounts, (3) allow the use of such an account to pay home school expenses, and (4) allow tax-free rollovers of amounts in a Coverdell education savings account to a Roth individual retirement account.
The Department of Education shall establish a website (to be known as 401Kids.gov) to provide free information on tax-favored education savings accounts.
What just happenedJan 28, 2016
Read twice and referred to the Committee on Finance.
Who’s behind it
- Introduced in SenateJan 28, 2016
- Jan 28, 2016IntroReferral
Read twice and referred to the Committee on Finance.
Finance Committee - Jan 28, 2016IntroReferral10000
Introduced in Senate