Individual Retirement Accounts: Size of Balance Issues and Enforcement of IRS Rules



Volume 10

Issue 1

Volume 2

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Special issue: Resilience in breaking the cycle of children’s environmental health disparities
Edited by I Leslie Rubin, Robert J Geller, Abby Mutic, Benjamin A Gitterman, Nathan Mutic, Wayne Garfinkel, Claire D Coles, Kurt Martinuzzi, and Joav Merrick


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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)


Chapter 1. Individual Retirement Accounts: IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed
United States Government Accountability Office

Chapter 2. Retirement Savings 2.0: Updating Savings Policy for the Modern Economy
Testimony of Scott F. Betts, Senior Vice President of National Benefits Services, LLC

Chapter 3. Retirement Savings 2.0: Updating Savings Policy for the Modern Economy
Statement of Ellen E. Schultz, Author and Investigative Reporter


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