Retirement savings deduction (IRA)

What this document is

26 U.S.C. s. 219: Retirement savings deduction (IRA) is a state statute published by U.S. Government Publishing Office (govinfo.gov). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 26 U.S.C. § 219: Subsection (b)(5)(A) (Deductible Amount)

  “(5) Deductible amount For purposes of paragraph (1)(A) - (A) In general The deductible amount is $5,000. (B) Catch-up contributions for individuals 50 or older (i) In general In the case of an individual who has attained the age of 50 before the close of the taxable year, the deductible amount for...”

• 26 U.S.C. § 219(b)(1), maximum amount of deduction

  “The amount allowable as a deduction under subsection (a) to any individual for any taxable year shall not exceed the lesser of - (A) the deductible amount, or (B) an amount equal to the compensation includible in the individual's gross income for such taxable year.”

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• Fair Credit Reporting Act - 15 U.S.C. § 1681a (Definitions)State statute
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