H.R.6321 - K-IRA Act111th Congress (2009-2010)
Summary: H.R.6321 — 111th Congress (2009-2010)
Introduced in House (09/29/2010)
Kids IRA Act of 2010 or the K-IRA Act - Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 26, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows an income-based tax deduction for contributions to such accounts, up to $5,000 in any taxable year.