H.R.4311: To amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from IRA's for certain purposes, to increase the amount of tax deductible IRA contributions, and for other purposes.

Amends the Internal Revenue Code to allow penalty-free (and exclude from income if repaid) distributions from an individual retirement account (IRA) for first home purchases, higher education expenses, qualified long-term care expenses, and qualified unemployment distributions. Increases deductible IRA contribution amounts, and provides for inflation indexing. Eliminates the phase-out for individuals who are not active participants in defined...

(Source: Library of Congress)