|
Raises the income limits on front loaded IRAs $10,000 for couples and $5,000 for singles in 1998, 2002, 2003, 2004 until current law thresholds are doubled to $50,000 for singles and $80,000 for married couples
Creates new back loaded IRA in which contributions are not tax deductible, but withdrawals are tax-free if account held for at least five years and accountholder is at least age 59 1/2. Income limits begin at $95,000 for singles and$150,000 for married couples
Allows penalty free withdrawals for first time home purchase
Allows nonworking spouses to save full $2,000 annually in IRA regardless of working spouses' pension plan. (Income limits begin at $150,000) |
