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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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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 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.

 Related & companion bills 2
  • S 196 Related bill Garden Valley Withdrawal Act
  • S 195 Related bill 401(Kids) Education Savings Account Act of 2015
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · Apr 12, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2471: 401(Kids) Education Savings Account Modernization Act of 2016. 114th Congress. Open America. https://openamerica.io/bill/114-S-2471/
MLA
"S. 2471: 401(Kids) Education Savings Account Modernization Act of 2016." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-S-2471/.
Bluebook (legal)
S. 2471, 114th Cong. (2026), https://openamerica.io/bill/114-S-2471/.
Markdown link
[S. 2471: 401(Kids) Education Savings Account Modernization Act of 2016](https://openamerica.io/bill/114-S-2471/)
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