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IRA Contribution

OVERVIEW

The tax law provides individuals with a number of investment vehicles in
which to save for retirement on a tax-favored basis. One such vehicle is
an individual retirement arrangement (IRA). In its simplest terms, an IRA
is a personal savings plan that offers individuals certain tax advantages
for setting money aside for retirement.

PRACTICE TIP: As an alternative to a traditional IRA, taxpayers can
establish a type of IRA called a Roth IRA. A Roth IRA offers
certain advantages to taxpayers that are not available with
traditional IRAs.

For taxable years beginning after December 31, 2001, the Code was amended
to increase the annual IRA contribution limits, to provide a temporary non-
refundable credit for contributions made by eligible taxpayers, and to
expand the availability of rollovers to and from IRAs. For taxable years
beginning after 2002, the Code was amended to allow qualified plans to
allow participants to make contributions to deemed IRAs through the plans.

This chapter discusses rules that apply to IRAs in general and traditional
IRAs in particular. The discussion focuses on the tax aspects of making
contributions to an IRA and taking distributions from an IRA.