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IRA Change Proposed
A bill has been introduced into Congress called the Family Home Investment and Education Plan Act. It proposed that money invested into IRAs before January 1, 1992 be permitted to be used by individuals and family members for a first time home purchase or higher education expenses.
If this bill passes, it carries a no early withdrawal penalty or income tax obligation.
Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 9, 11/91
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