Page:United States Statutes at Large Volume 111 Part 1.djvu/850

 Ill STAT. 826 PUBLIC LAW 105-34—AUG. 5, 1997 "(2) CONTRIBUTION LIMIT. — The aggregate amount of contributions for any taxable year to all Roth IRAs maintained for the benefit of an individual shall not exceed the excess (if any) of— "(A) the maximum amount allowable as a deduction under section 219 with respect to such individual for such taxable year (computed without regard to subsection (d)(1) or (g) of such section), over "(B) the aggregate amount of contributions for such taxable year to all other individual retirement plans (other than Roth IRAs) maintained for the benefit of the individual. "(3) LIMITS BASED ON MODIFIED ADJUSTED GROSS INCOME.— "(A) DOLLAR LIMIT.— The amount determined under paragraph (2) for any taxable year shall be reduced (but not below zero) by the amount which bears the same ratio to such amount as— "(i) the excess of— "(I) the taxpayer's adjusted gross income for such taxable year, over " (II) the applicable dollar amount, bears to "(ii) $15,000 ($10,000 in the case of a joint return). The rules of subparagraphs (B) and (C) of section 219(g)(2) shall apply to any reduction under this subparagraph. "(B) ROLLOVER FROM IRA. —A taxpayer shall not be allowed to make a qualified rollover contribution to a Roth IRA from an individual retirement plan other than a Roth IRA during any taxable year if— "(i) the taxpayer's adjusted gross income for such taxable year exceeds $100,000, or "(ii) the taxpayer is a married individual filing a separate return. "(C) DEFINITIONS. —For purposes of this paragraph— "(i) adjusted gross income shall be determined in the same manner as under section 219(g)(3), except that any amount included in gross income under subsection (d)(3) shall not be taken into account and the deduction under section 219 shall be taken into account, and " (ii) the applicable dollar amount is— "(I) in the case of a taxpayer filing a joint return, $150,000, "(II) in the case of any other taxpayer (other than a married individual filing a separate return), $95,000, and "(III) in the case of a married individual filing a separate return, zero. "(D) MARITAL STATUS.—Section 219(g)(4) shall apply for purposes of this paragraph. "(4) CONTRIBUTIONS PERMITTED AFTER AGE 70V2.— Contributions to a Roth IRA may be made even after the individual for whom the account is maintained has attained age 7OV2. "(5) MANDATORY DISTRIBUTION RULES NOT TO APPLY BEFORE DEATH. —Notwithstanding subsections (a)(6) and (b)(3) of section 408 (relating to required distributions), the following provisions shall not apply to any Roth IRA: "(A) Section 401(a)(9)(A).

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