Page:United States Statutes at Large Volume 95.djvu/303

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 277

made such designation if he notifies the plan administrator of such plan, not later than the earlier of— (i) April 15 of the succeeding calendar year, or "(ii) the time prescribed by the plan administrator, that the individual does not want such contribution taken into account under this section. Any designation or notification referred to in the preceding sentence shall be made in such manner as the Secretary shall by regulations prescribe and, after the last date on which such designation or notification may be made, shall be irrevocable for such taxable year. "(3) QuAUFiED EMPLOYER PLAN.—The term 'qualified employer plan' means— "(A) a plan described in section 401(a) which includes a 26 USC 401. trust exempt from tax under section 501(a), "(B) an annuity plan described in section 403(a), "(C) a qualified bond purchase plan described in section 405(a), "(D) a simplified employee pension (within the meaning of section 408(k)), and "(E) a plan under which amounts are contributed by an individual's employer for an annuity contract described in section 403(b). "(4) GOVERNMENT PLAN.—The term 'government plan' means any plan, whether or not qualified, established and maintained for its employees by the United States, by a State or political subdivision thereof, or by an agency or instrumentality of any of the foregoing. "(5) PAYMENTS FOR CERTAIN PLANS.—The term 'amounts paid to an individual retirement plan' includes amounts paid for an individual retirement annuity or a retirement bond. "(f) OTHER DEFINITIONS AND SPECIAL RULES.—

"(1) COMPENSATION.—For purposes of this section, the term 'compensation' includes earned income as defined in section 401(c)(2). "(2) MARRIED INDIVIDUALS.—The maximum deduction under subsections (b) and (c) shall be computed separately for each individual, and this section shall be applied without regard to any community property laws. (3) TIME WHEN CONTRIBUTIONS DEEMED MADE.— "(A) INDIVIDUAL RETIREMENT PLANS.—For purposes

of this section, a taxpayer shall be deemed to have made a contribution to an individual retirement plan on the last day of the preceding taxable year if the contribution is made on account of such taxable year and is made not later than the time prescribed by law for filing the return for such taxable year (including extensions thereof). "(B) QUALIFIED EMPLOYER OR GOVERNMENT PLANS.—For

purposes of this section, if a qualified employer or government plan elects to have the provisions of this subparagraph apply, a taxpayer shall be deemed to have made a voluntary contribution to such plan on the last day of the preceding calendar year (if, without regard to this paragraph, such contribution may be made on such date) if the contribution is made by April 15 of the calendar year or such earlier time as is provided by the plan administrator. "(4) REPORTS.—The Secretary shall prescribe regulations which prescribe the time and the manner in which reports to the

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