Family Renewal and Support Act of 1992

[AI summary unavailable — showing source text] Family Renewal and Support Act of 1992 - Title I: Increase in Personal Exemption for Certain Dependent Children - Amends the Internal Revenue Code to increase the personal exemption for a dependent child who has not attained age 18 from $2,000 to $3,500. Provides for rounding inflation adjustments to tax tables to the nearest multiple of $10 (currently rounded to the next lowest multiple of $50). Title II: Retirement Savings Incentives - Subtitle A: Restoration IRA Deduction - Subtitle A: Restoration of IRA Deduction - Removes the limitations on deductions for individual retirement plans and provides a cost-of-living adjustment for deductible amounts. Subtitle B: Nondeductible Tax-Free IRAs - Establishes special individual retirement accounts that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five-year period. Subtitle C: Penalty-Free Distributions - Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (3) financially deva…