Jake Silva (Editor)

Series: Retirement Issues, Plans and Lifestyles, Government Procedures and Operations
BISAC: BUS050040

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 savings. Congress is reexamining retirement tax incentives as part of tax reform. This book describes IRA balances in terms of reported FMV aggregated by taxpayers; examines how IRA balances can become large; and assesses how the IRS ensures that taxpayers comply with IRA tax laws. (Imprint: Nova)