[20010222]94-83_个人退休账户：情况说明书.pdf

1 The AGI limits for full deductibility were raised by P.L. 105-34 from $25,000 (single filers) and$40,000 (joint filers). Further increases will occur, reaching $50,000 and $80,000, respectively,by 2007. The phaseout interval will increase to $20,000 for joint filers in 2007.Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code 94-83 EPWUpdated February 22, 2001Individual Retirement Accounts: A Fact SheetPaul J. GraneyAnalyst in Social LegislationDomestic Social Policy DivisionBackgroundIndividual retirement accounts (IRAs), established by the Employee RetirementIncome Security Act of 1974 (P.L. 93-406) to promote retirement saving, were limited atfirst to workers (and spouses) who lacked employer pension coverage. Income tax wasdeferred on both contributions and investment earnings. Annual contributions were limitedto the smaller of $1,500 or 15% of earnings. Eligibility was expanded to all workers andtheir spouses by the Economic Recovery Tax Act of 1981 (P.L. 97-34). Annualcontributions were limited to the smaller of $2,000 or 100% of earnings. The Tax ReformAct of 1986 (P.L. 99-514) continued tax deferral for IRA