Individual Retirement Savings Act of 1981

[AI summary unavailable — showing source text] Individual Retirement Savings Act of 1981 - Amends the Internal Revenue Code to increase the allowable income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 ($2,500 for spousal IRA) or the amount of an employee's taxable compensation for the taxable year. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or government pension plans to claim an income tax deduction for contributions to an IRA up to a maximum of $500 for the taxable year. Disqualifies self-employed individuals from the retirement savings deduction. Requires financial institutions which provide more than one investment medium for IRAs to disclose specified information with respect to such IRAs.…