Thomas Hamilton
Jan 24 2000, 01:12 PM
I read somewhere a few months ago that there is talk in congress of raising the IRA contribution limits from $2000 to $5000 dollars and also expanding the Roth IRA income limits to much higher values. I can't find this article. Has anyone heard of such a thing?
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Thomas Hamilton
Michael Devault
Jan 24 2000, 02:40 AM
Yeah, that was part of last year's tax bill which was vetoed by President Clinton. He vetoed the bill due to disagreements in Social Security spending, not the other general provisions of the bill.
It's expected that the IRA provisions, along with others that were in the original bill, will resurface in a new tax bill. But, when it will happen is anyone's guess. It's possible that it could be this year, but 2000 is an election year.
Keep your fingers crossed!