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Tax Relief for Sole Proprietors: Retroactive Retirement Contributions

This proposed bill makes it easier for sole proprietors to contribute to their retirement plans. They will be able to count contributions made after the tax year ends but before filing their tax return as if they were made in the previous year. This gives them more flexibility to plan their retirement savings and benefit from tax deductions.
Key points
Sole proprietors can make retirement plan contributions after the tax year ends.
These contributions will be treated as made in the prior tax year if done before the tax filing deadline.
The change applies to plan years beginning after December 31, 2021.
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Additional Information
Print number: 117_HR_2943
Sponsor: Rep. Schweikert, David [R-AZ-6]
Process start date: 2021-04-30
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2943.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-30.

What are the main provisions?

Key points include:

  • Sole proprietors can make retirement plan contributions after the tax year ends.
  • These contributions will be treated as made in the prior tax year if done before the tax filing deadline.
  • The change applies to plan years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schweikert, David [R-AZ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Economy