Washington DC Office 307 Dirksen Senate Office Building Washington, D.C. 20510 Phone: 202-224-6441 Fax: 202-224-1724 Wyoming Office P.O. Box 22201 Casper, WY 82602 307-261-6413   Issue Statements Sponsored Bills Committee Assignments Lifetime Savings Accounts (LSA) Date Introduced: 03/08/05 Bill Number: S.545 Description: Summary: $5,000 annual contribution limit (indexed for inflation). Available to all individuals - no income limits, no age limits. Contributions would be nondeductible (similar to Roth IRAs). Earnings would accumulate tax-free and all distributions would be excluded from gross income. No minimum required distribution rules would apply at any age throughout owner’s life. Contribution limit of $5,000 applies to the individual owner of the account, not the contributor. Contributors could make annual contributions to the accounts of other individuals. Annual aggregate contributions to an individual’s accounts could not exceed $5,000. Conversion: This is a brand new vehicle, but balances from Coverdell Education Savings Accounts (ESAs) or Qualified Tuition Plans (QTPs) could be converted to LSAs. Individuals could continue to contribute to ESAs and QTPs as under current law. Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs) would be retained. « Back to Sponsored Bills Home | Privacy Policy | Text Only | Contact This Home Page is maintained by the office of Senator Craig Thomas. Please send comments to webmaster@thomas.senate.gov