TAILIEUCHUNG - Gale Encyclopedia Of American Law 3Rd Edition Volume 5 P44

Gale Encyclopedia of American Law Volume 5 P44 fully illuminates today's leading cases, major statutes, legal terms and concepts, notable persons involved with the law, important documents and more. Legal issues are fully discussed in easy-to-understand language, including such high-profile topics as the Americans with Disabilities Act, capital punishment, domestic violence, gay and lesbian rights, physician-assisted suicide and thousands more. | 418 INDIVIDUAL RETIREMENT ACCOUNT sections of 26 42 and 45 . . The goal of ERTA was to promote an increased level of personal retirement savings through uniform discretionary savings arrangements. A movement to bolster the federal budget by eliminating many existing tax shelters prompted portions of the tax reform act of 1986 codified in scattered sections of 19 25 26 28 29 42 46 and 49 . and another change in IRA laws. This time Congress limited some of the IRA s tax advantages making them unavailable to workers who participate in an employer s retirement plan or whose earnings meet or exceed a certain threshold. Yet other tax advantages remain and the laws still allow anyone to contribute to an IRA making it a popular investment tool. It is difficult to understand the advantages that an IRA offers without understanding a few basics about federal income tax law. Generally a person calculating the amount of tax that he or she owes to the government first determines the amount of income received in the year. This is normally employment income. Tax laws allow the individual to deduct from this figure amounts paid for certain items such as charitable contributions or interest on a mortgage. Some taxpayers choose to take a single standard deduction rather than numerous itemized deductions. In either case the taxpayer subtracts any allowable deductions from yearly income and then calculates the tax owed on the remainder. Taking deductions is only one of the ways in which a taxpayer may reduce taxes by investing in an IRA. But IRAs have proven to be popular with taxpayers. This popularity has prompted expansion of the federal tax rules to encourage additional savings and investment through IRAs. In 2003 there were 11 types of IRAs 1. Individual Retirement Account 2. Individual Retirement Annuity 3. Employer and Employee Association Trust Account 4. Simplified Employee Pension SEP-IRA 5. Savings Incentive Match Plan for Employees IRA SIMPLE IRA 6. Spousal .

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