Wayne Michigan Form 5305-A-SEP 2006-2025

Wayne Michigan Form 5305-A-SEP: What You Should Know

The text of H.R.5305 will be found in the final appropriations bill enacted by Congress on December 12, 2006, the bill contains the following language: SUBTITLE I--RECEIPT OF PAYMENTS TO INDIVIDUALS FROM THE DEPARTMENT OF THE INTEREST Subtitle A--Incentives for Contributions Sec. 101. Subsection (a) of section 402 and subsection (a) of section 403 are each amended to read as follows: (a) (1) In General.--The Secretary shall limit the number of contributions made in any year to an individual's tax-exempt qualified retirement account to a total of not more than 5,000 (adjusted for inflation). (2) Amounts not treated as contributions for purposes of this section.--An eligible individual (as defined in section 408A(d)(3)) may elect in writing to have this section not apply for the taxable year to any amount received (or treated as received) by the individual which exceeds such amount. The amount the individual may elect to have this section not apply for a taxable year shall be 2,000 (4,000 for married individuals filing a joint return). (b) (2) Special Rule for Individuals Under Age 59 and  60.--Subject to paragraph (3), notwithstanding paragraphs (1) and (2), this section shall not apply to any amount paid in any year to an individual under section 6045(b)(2) with respect to contributions made by the individual to an individual retirement account (as defined in section 408A(d)(2)) in any year during which the individual is more than 59 years of age (or was more than 60 years of age at some time during an election under paragraph (1). (c) (3) Inflation Adjustment.--The Secretary may adjust the 5,000 limit under subsection (a) if necessary to account for any increase in the Consumer Price Index for All Urban Consumers (all items; U.S. city average) from any year to any other year. (d) (4) Effective Dates.-- (1) The limitation under this section shall apply with respect to any calendar year beginning in 2019.

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