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Article: What has happened to the IRA?(tax law reform)

Article from:
The Tax Adviser
Article date:
May 1, 1999
Author:
Copyright

The traditional individual retirement account (IRA), one of the most popular savings vehicles available, generally allows individuals to make deductible contributions of up to $2,000 annually. Contributions are deductible if the taxpayer is not an active participant in an employer-sponsored plan or if he is covered by a plan and his modified adjusted gross income (MAGI) does not exceed certain thresholds.

The Taxpayer Relief Act of 1997 (TRA '97) enhanced the traditional IRA and created two new IRAs, the Roth IRA and the Education IRA.

The decision to use one or a combination of these accounts will depend on one's savings goals other than retirement. ...

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