U.S. Congress - H.R.37 401Kids Family Savings Act of 2011
H.R.37 - 401Kids Family Savings Act of 2011
To amend the Internal Revenue Code of 1986 to improve and expand education savings accounts. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to improve and expand education savings accounts. as introduced.
- Short: 401Kids Family Savings Act of 2011 as introduced.
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I see this bill is a year old and not passed.
Can we resolve to simplify the retirement/saving accounts? The accounts are too numerous to list and the rules far too complex.
A single retirement account model for both company sponsored and individuals with pretax (traditional) and post tax (roth-type) should suffice.
Why tinker at all with the coverdell? Rename these to the same as 529s (to one named savings account) and then provision that a 25 year old with any balance can convert to Roth (since these aren’t deductible.)
The coverdell had a too low $500 limit for some time, and now $2000, which is still too low to save for college. The 529 should have eliminated the coverdell. Do I support this bill? Yes. But it’s too limited in scope, there’s much work to be done. What are the objections to my broader proposal?