H.R.3899 - To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy.

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  • Official: To provide for rollover treatment to traditional IRAs of amounts received in airline carrier bankruptcy. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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02/03/12
 
 
 
 
 
 
 

Official Summary

Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to: (1) make

Official Summary

Allows a current or former employee of a commercial passenger airline who receives a payment of any money or other property payable by an airline pursuant to a court order filed in a bankruptcy case after September 11, 2001, and before January 1, 2007 (airline payment amount), to:
(1) make a tax-free rollover of such amount to a traditional individual retirement account (IRA) within 180 days of receipt (or within 180 days of the enactment of this Act, if later); and
(2) transfer, without tax penalty, an airline payment amount contributed to a Roth IRA to a traditional IRA if such transfer is made within 180 days after the enactment of this Act. Excludes from the gross income of an airline employee amounts transferred to a traditional IRA under this Act. Imposes a limit on the aggregate amount transferrable to a traditional IRA.

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