Amends the Internal Revenue Code to allow an income tax deduction for an additional $10,000 in contributions to an individual retirement account without regard to whether the individual has earned income. Permits withdrawals from such account without tax penalty if the funds withdrawn are used in connection with the acquisition of a dwelling by the individual for whose benefit the account is maintained. Requires that the dwelling purchased must be: (1) the first dwelling owned by such individual; and (2) the principal residence of such individual.