summary
Introduced
05/26/2020
05/26/2020
In Committee
05/26/2020
05/26/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To waive the 60-day rule in case of rollover of otherwise required minimum distributions in 2020. This bill allows tax-preferred pension plan participants to recontribute distributions from such plans made prior to December 1, 2020, without regard to the 60-day rule that requires a rollover of distributions to another plan within 60 days after receipt of such distributions.
AI Summary
This bill, the Fairness for Early Withdrawers Act, aims to waive the 60-day rule for rollovers of required minimum distributions (RMDs) from tax-preferred pension plans that were made in 2020. Specifically, the bill allows participants in these plans to recontribute distributions received prior to December 1, 2020, without being subject to the typical 60-day rule that requires rollovers to another plan within 60 days of receiving the distribution. The bill also waives the once-per-year limitation on IRA rollovers for these 2020 recontributions. The amendments made by this bill apply to taxable years beginning after December 31, 2019.
Committee Categories
Budget and Finance
Sponsors (6)
Brian Mast (R)*,
Joe Courtney (D),
Brian Fitzpatrick (R),
Derek Kilmer (D),
Debbie Lesko (R),
Harley Rouda (D),
Last Action
Referred to the House Committee on Ways and Means. (on 05/26/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/7016/all-info |
| BillText | https://www.congress.gov/116/bills/hr7016/BILLS-116hr7016ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr7016/BILLS-116hr7016ih.pdf.pdf |
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