Sec. 1603. Inflation adjustment for Roth IRA contributions
124 words·~1 min read·
/bill/113/hr/1/ih/section-1603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(c)of section 408A, as amended by this Act, is amended by adding at the end the following new paragraph: In the case of any taxable year beginning after 2023, the dollar amount in paragraph (1)(A)(i) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(c)(2)(A) for the calendar year in which the taxable year begins, determined by substituting calendar year 2022 for calendar year 2012 in clause
(ii)thereof. If any increase determined under the preceding sentence is not a multiple of $500, such increase shall be rounded to the next lowest multiple of $500. . The amendment made by this section shall apply to taxable years beginning after December 31, 2014.