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H.R. 5281

BillFederalHouseIn Committee
Young Savers Security in Retirement Act of 2014
About This Bill
Committee
Latest Action · July 30, 2014
Referred to the House Committee on Ways and Means.
Congress
113th (2013–2015)
Introduced
July 30, 2014
Sponsor
Rep. Richard HannaR
Cosponsors (2)
2D 0R
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Summary

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Young Savers Security in Retirement Act of 2014 - Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 18, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows the tax credit for retirement savings for contributions to a young savers account. Directs the Secretary of the Treasury to pay any overpayment of tax that is attributable to the tax credit for retirement savings to the taxpayer's young savers account.

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