The Heroes Earned Retirement Opportunities Act has passed through Congress and is expected to be signed into law by President Bush. The bill would allow excluded combat pay to be treated as compensation under IRA contribution rules.
Barring certain circumstances, individuals or spouses who aren't participating in certain employer-sponsored retirement plans can make annual cash contributions to an IRA -- up to the lesser of either a set dollar limit ($4,000 in 2006, or, $5,000 for those 50 or older), or their gross income for that year.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access