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A Bill that didn't pass

 
 
JoeTaxpayer
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      01-05-2012, 09:09 PM
In my Coverdell search, I found a bill that I guess didn't pass.
http://tinyurl.com/joe120105 links to Bill Text 112th Congress
(2011-2012) H.R.37.IH named "401Kids Family Savings Act of 2011" which
includes:

Changing the Coverdell name to "401Kids Savings Account"
Allowing distributions from this account to be permitted for first time
home purchase.
The rolling from these accounts to Roth IRAs.

Aside from the obvious fact that this didn't pass, I wonder if any bill
will simplify instead of obfuscating. The subtle differences between one
type of account and another create confusion and chances for mistakes.
The interplay between Employer based accounts (401(k) 403(b), etc) and
the Individual accounts are beyond any simple understanding.

The phaseouts by income and the need to recharacterize or withdraw is
one issue for those who don't know their precise income in advance.

I live in Massachusetts and frequently pass Walden pond on the way
to/from work. As I pass, I mumble "simplify, simplify, simplify." Has
congress read Thoreau?

 
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Ron Peterson
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      01-06-2012, 11:45 PM
On Jan 5, 1:09*pm, JoeTaxpayer <(E-Mail Removed)> wrote:

> I live in Massachusetts and frequently pass Walden pond on the way
> to/from work. As I pass, I mumble "simplify, simplify, simplify." Has
> congress read Thoreau?


Romney's idea to exempt the first $200,000 (?) of capital gains from
income tax might make it possible to eliminate 401ks, Ira, and Roth
accounts.

--
Ron

 
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