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OverviewIndividual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (PL 93-406) to promote retirement saving, were limited at first to workers (and spouses) who lacked employer pension coverage. Income tax was deferred on both contribution and investment earnings. Annual contributions were limited to the smaller of $1,500 or 15% of earnings. Eligibility was expanded to all workers and their spouses by the Economic Recovery Tax Act of 1981 (PL 97-34). Annual contributions were limited to the smaller of $2,000 or 100% earnings. The Tax Reform Act Reform Act of 1986 (PL 99-514) continued tax deferral for IRA earnings, but it limited tax deferrals for contributions to those from: (1) tax filers with no employer plan (for either spouse); and (2) filers with employer pension coverage but whose adjusted gross income (AGI) is below specified limits. The Taxpayer Relief Act of 1997 (PL 105-34) increased these AGI limits, allowed penalty-free early withdrawals for higher education expenses and first-home purchases, and authorised a new 'Roth IRA' to provide tax-free income from after-tax contributions and untaxed investment earnings. This book reviews the key details concerning these legal arrangements for retirement. Full Product DetailsAuthor: Paul J GraneyPublisher: Nova Science Publishers Inc Imprint: Nova Biomedical Weight: 0.532kg ISBN: 9781590339077ISBN 10: 159033907 Pages: 164 Publication Date: 21 June 2004 Audience: General/trade , General Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsCONTENTS: Preface; Individual Retirement Accounts: A Fact Sheet; Retirement Saving Plans: Answers to Frequently Asked Questions; Retirement Savings Accounts: Early Withdrawals and Required Distributions; Individual Retirement Accounts (IRAs): Issues and Proposed Expansion; Employer Stock in Retirement Plans: Investment Risk and Retirement Security; Retirement Savings and Household Wealth in 1998: Analysis of Census Bureau Data; Retirement Plans With Individual Accounts: Federal Rules and Limits; Retirement Savings Accounts: President's Budget Proposal for FY2004; Index.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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