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S 2471 114th Congress Senate Taxation Bank accounts, deposits, capital Elementary and secondary education Employee benefits and pensions Government information and archives Higher education Income tax exclusion Student aid and college costs

401(Kids) Education Savings Account Modernization Act of 2016

Introduced: January 28, 2016 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 28, 2016
Read twice and referred to the Committee on Finance.
Jan 28, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

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's happening now January 28, 2016

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1