Home > 106th Congressional Bills > H.R. 4715 (ih) To amend the Internal Revenue Code of 1986 to provide for the treatment of certain expenses of rural letter carriers. [Introduced in House] ...

H.R. 4715 (ih) To amend the Internal Revenue Code of 1986 to provide for the treatment of certain expenses of rural letter carriers. [Introduced in House] ...


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108th CONGRESS
  2d Session
                                H. R. 4714

 To amend the Internal Revenue Code of 1986 to provide for retirement 
               savings accounts, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 25, 2004

   Mr. Sam Johnson of Texas introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide for retirement 
               savings accounts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE, ETC.

    (a) Short Title.--This Act may be cited as the ``Retirement Savings 
Account Act''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. RETIREMENT SAVINGS ACCOUNTS.

    (a) In General.--Section 408A (relating to Roth IRAs) is amended to 
read as follows:

``SEC. 408A. RETIREMENT SAVINGS ACCOUNTS.

    ``(a) In General.--Except as provided in this section, a retirement 
savings account shall be treated for purposes of this title in the same 
manner as an individual retirement plan.
    ``(b) Retirement Savings Account.--For purposes of this title, the 
term `retirement savings account' means an individual retirement plan 
(as defined in section 7701(a)(37)) which--
            ``(1) is designated (in such manner as the Secretary may 
        prescribe) at the time of establishment of the plan as a 
        retirement savings account, and
            ``(2) does not accept any contribution (other than a 
        qualified rollover contribution) which is not in cash.
    ``(c) Treatment of Contributions.--
            ``(1) Contribution limit.--Notwithstanding subsections 
        (a)(1) and (b)(2)(A) of section 408, the aggregate amount of 
        contributions for any taxable year to all retirement savings 
        accounts maintained for the benefit of an individual shall not 
        exceed the lesser of--
                    ``(A) $5,000, or
                    ``(B) the amount of compensation includible in the 
                individual's gross income for such taxable year.
            ``(2) Special rule for certain married individuals.--In the 
        case of any individual who files a joint return for the taxable 
        year, the amount taken into account under paragraph (1)(B) 
        shall be increased by the excess (if any) of--
                    ``(A) the compensation includible in the gross 
                income of such individual's spouse for the taxable 
                year, over
                    ``(B) the aggregate amount of contributions for the 
                taxable year to all retirement savings accounts 
                maintained for the benefit of such spouse.
            ``(3) Contributions permitted after age 70\1/2\.--
        Contributions to a retirement savings account may be made even 
        after the individual for whom the account is maintained has 
        attained age 70\1/2\.
            ``(4) Mandatory distribution rules not to apply before 
        death.--Notwithstanding subsections (a)(6) and (b)(3) of 
        section 408 (relating to required distributions), the following 
        provisions shall not apply to any retirement savings account:
                    ``(A) Section 401(a)(9)(A).
                    ``(B) The incidental death benefit requirements of 
                section 401(a).
            ``(5) Rollover contributions.--
                    ``(A) In general.--No rollover contribution may be 
                made to a retirement savings account unless it is a 
                qualified rollover contribution.
                    ``(B) Coordination with limit.--A qualified 
                rollover contribution shall not be taken into account 
                for purposes of paragraph (1).
            ``(6) Rollovers from plans with taxable distributions.--
                    ``(A) In general.--Notwithstanding sections 402(c), 
                403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16), in the 
                case of any contribution to which this paragraph 
                applies--
                            ``(i) there shall be included in gross 
                        income any amount which would be includible 
                        were it not part of a qualified rollover 
                        contribution,
                            ``(ii) section 72(t) shall not apply, and
                            ``(iii) unless the taxpayer elects not to 
                        have this clause apply for any taxable year, 
                        any amount required to be included in gross 
                        income for such taxable year by reason of this 
                        paragraph for any contribution before January 
                        1, 2006, shall be so included ratably over the 
                        4-taxable year period beginning with such 
                        taxable year.
                Any election under clause (iii) for any contributions 
                during a taxable year may not be changed after the due 
                date (including extensions of time) for filing the 
                taxpayer's return for such taxable year.
                    ``(B) Contributions to which paragraph applies.--
                This paragraph shall apply to any qualified rollover 
                contribution to a retirement savings account (other 
                than a rollover contribution from another such 
                account).
                    ``(C) Conversions of iras.--The conversion of an 
                individual retirement plan (other than a retirement 
                savings account) to a retirement savings account shall 
                be treated for purposes of this paragraph as a 
                contribution to which this paragraph applies.
                    ``(D) Additional reporting requirements.--Trustees 
                and plan administrators of eligible retirement plans 
                (as defined in section 402(c)(8)(B)) and retirement 
                savings accounts shall report such information as the 
                Secretary may require to ensure that amounts required 
                to be included in gross income under subparagraph (A) 
                are so included. Such reports shall be made at such 
                time and in such form and manner as the Secretary may 
                require. The Secretary may provide that such 
                information be included as additional information in 
                reports required under section 408(i) or 6047.
                    ``(E) Special rules for contributions to which a 4-
                year averaging applies.--In the case of a qualified 
                rollover contribution to which subparagraph (A)(iii) 
                applied, the following rules shall apply:
                            ``(i) Acceleration of inclusion.--
                                    ``(I) In general.--The amount 
                                required to be included in gross income 
                                for each of the first 3 taxable years 
                                in the 4-year period under subparagraph 
                                (A)(iii) shall be increased by the 
                                aggregate distributions from retirement 
                                savings accounts for such taxable year 
                                which are allocable under subsection 
                                (d)(3) to the portion of such qualified 
                                rollover contribution required to be 
                                included in gross income under 
                                subparagraph (A)(i).
                                    ``(II) Limitation on aggregate 
                                amount included.--The amount required 
                                to be included in gross income for any 
                                taxable year under subparagraph 
                                (A)(iii) shall not exceed the aggregate 
                                amount required to be included in gross 
                                income under subparagraph (A)(iii) for 
                                all taxable years in the 4-year period 
                                (without regard to subclause (I)) 
                                reduced by amounts included for all 
                                preceding taxable years.
                            ``(ii) Death of distributee.--
                                    ``(I) In general.--If the 
                                individual required to include amounts 
                                in gross income under such subparagraph 
                                dies before all of such amounts are 
                                included, all remaining amounts shall 
                                be included in gross income for the 
                                taxable year which includes the date of 
                                death.
                                    ``(II) Special rule for surviving 
                                spouse.--If the spouse of the 
                                individual described in subclause (I) 
                                acquires the individual's entire 
                                interest in any retirement savings 
                                account to which such qualified 
                                rollover contribution is properly 
                                allocable, the spouse may elect to 
                                treat the remaining amounts described 
                                in subclause (I) as includible in the 
                                spouse's gross income in the taxable 
                                years of the spouse ending with or 
                                within the taxable years of such 
                                individual in which such amounts would 
                                otherwise have been includible. Any 
                                such election may not be made or 
                                changed after the due date (including 
                                extensions of time) for filing the 
                                spouse's return for the taxable year 
                                which includes the date of death.
                    ``(F) 5-year holding period rules.--If--
                            ``(i) any portion of a distribution from a 
                        retirement savings account is properly 
                        allocable to a qualified rollover contribution 
                        with respect to which an amount is includible 
                        in gross income under subparagraph (A)(i),
                            ``(ii) such distribution is made during the 
                        5-taxable year period beginning with the 
                        taxable year for which such contribution was 
                        made, and
                            ``(iii) such distribution is not described 
                        in clause (i), (ii), or (iii) of subsection 
                        (d)(2)(A),
                then section 72(t) shall be applied as if such portion 
                were includible in gross income.
            ``(7) Time when contributions made.--For purposes of this 
        section, a taxpayer shall be deemed to have made a contribution 
        to a retirement savings account on the last day of the 
        preceding taxable year if the contribution is made on account 
        of such taxable year and is made not later than the time 
        prescribed by law for filing the return for such taxable year 
        (not including extensions thereof).
            ``(8) Cost-of-living adjustment.--
                    ``(A) In general.--In the case of any taxable year 
                beginning in a calendar year after 2005, the $5,000 
                amount under paragraph (1)(A) shall be increased by an 
                amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        determined by substituting `calendar year 2004' 
                        for `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding rules.--If any amount after 
                adjustment under subparagraph (A) is not a multiple of 
                $500, such amount shall be rounded to the next lower 
                multiple of $500.
    ``(d) Distribution Rules.--For purposes of this title--
            ``(1) Exclusion.--Any qualified distribution from a 
        retirement savings account shall not be includible in gross 
        income.
            ``(2) Qualified distribution.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `qualified 
                distribution' means any payment or distribution--
                            ``(i) made on or after the date on which 
                        the individual attains age 58,
                            ``(ii) made to a beneficiary (or to the 
                        estate of the individual) on or after the death 
                        of the individual,
                            ``(iii) attributable to the individual's 
                        being disabled (within the meaning of section 
                        72(m)(7)), or
                            ``(iv) to which section 72(t)(2)(F) applies 
                        (if such payment or distribution is made before 
                        January, 1, 2008).
                    ``(B) Distributions of excess contributions and 
                earnings.--The term `qualified distribution' shall not 
                include any distribution of any contribution described 
                in section 408(d)(4) and any net income allocable to 
                the contribution.
            ``(3) Ordering rules.--For purposes of applying this 
        section and section 72 to any distribution from a retirement 
        savings account, such distribution shall be treated as made--
                    ``(A) from contributions to the extent that the 
                amount of such distribution, when added to all previous 
                distributions from the retirement savings account, does 
                not exceed the aggregate contributions to the 
                retirement savings account; and
                    ``(B) from such contributions in the following 
                order:
                            ``(i) Contributions other than qualified 
                        rollover contributions with respect to which an 
                        amount is includible in gross income under 
                        subsection (c)(6)(A)(i).
                            ``(ii) Qualified rollover contributions 
                        with respect to which an amount is includible 
                        in gross income under subsection (c)(6)(A)(i) 
                        on a first-in, first-out basis.
        Any distribution allocated to a qualified rollover contribution 
        under subparagraph (B)(ii) shall be allocated first to the 
        portion of such contribution required to be included in gross 
        income.
            ``(4) Aggregation rules.--Section 408(d)(2) shall be 
        applied separately with respect to retirement savings accounts 
        and other individual retirement plans.
    ``(e) Qualified Rollover Contribution.--
            ``(1) In general.--For purposes of this section, the term 
        `qualified rollover contribution' means--
                    ``(A) a rollover contribution to a retirement 
                savings account of an individual from another such 
                account of such individual or such individual's spouse, 
                or from an individual retirement plan of such 
                individual, but only if such rollover contribution 
                meets the requirements of section 408(d)(3), and
                    ``(B) a rollover contribution described in section 
                402(c), 402A(c)(3)(A), 403(a)(4), 403(b)(8), or 
                457(e)(16).

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