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Individual Retirement Accounts: IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed
Individual Retirement Accounts: IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed
 
Our Price: $25.00
By James R. McTigue (au); Charles A. Jeszeck (au)
Year: 2014
Pages: 99
Binding Paperback
ISBN 978-1-4578-6482-7

Product Code: 1457864827

Description
 
Individual retirement accounts (IRA) are a key vehicle for individuals to save for retirement. IRAs hold about 26% of all retirement assets, and more than 54 million taxpayers held an estimated $5 trillion in IRAs in 2010, according to the latest published analysis by the IRS. IRAs also are increasingly important as a way for individuals to roll over savings from pension plans. In 2014, the federal government will forgo an estimated $17.45 billion in tax revenue from IRAs, which Congress created to ensure equitable tax treatment for those not covered by employer-sponsored retirement plans. Congress limited annual contributions to IRAs to prevent the tax-favored accumulation of unduly large balances. But concerns have been raised about whether the tax incentives encourage new or additional saving. This report (1) describes IRA balances in terms of reported fair market value (FMV) aggregated by taxpayers; (2) examines how IRA balances can become large; and (3) assesses how IRS ensures that taxpayers comply with IRA tax laws. Tables and figures. This is a print on demand report.

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