Bill > HR6450

This bill amends the Internal Revenue Code to allow individuals more flexibility when rolling over retirement funds from a Roth Individual Retirement Account (Roth IRA) to a designated Roth account. Specifically, the bill permits direct trustee-to-trustee transfers of funds from an eligible Roth IRA to a designated Roth account, which is typically part of an employer-sponsored retirement plan like a 401(k). An "eligible Roth IRA" is defined as the only Roth IRA maintained by the individual in that tax year, with a balance not exceeding a certain threshold. The bill also includes provisions for handling the tax treatment of these rollovers, ensuring that the transferred amount is treated as an investment in the contract and coordinating with existing rules about non-exclusion periods for retirement account contributions. The amendments would apply to amounts paid or distributed after the date of the bill's enactment, providing retirement savers with a new option for managing and consolidating their retirement funds across different types of accounts.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/6450/all-info