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IRS Releases
Spring 2004 Statistics of Income
Courtesy of IRS
WASHINGTON - The Internal Revenue Service today announced the
release of the Spring 2004 issue of the Statistics of Income
Bulletin, a quarterly compilation of information on selected
topics from tax returns and other sources.
For the first time, the Bulletin takes a detailed look at
individual retirement arrangements.
At the end of 2000, 46.3 million taxpayers held IRA accounts
worth a total of $2.6 trillion in fair market value. The bulk -
$2.4 trillion, or 91.5 percent - was invested in traditional
IRA plans, which have been available for the longest amount
of time.
Of the remaining amount:
- $134 billion was invested in Simplified Employee Pension (SEP) plans,
- $77.6 billion in Roth IRAs,
- $10.4 billion in Savings Incentive Match Plans for Employees (SIMPLE)
- and $0.3 billion in Education IRAs.
In addition, 15.1 million taxpayers, or 9.5 percent of those
eligible, contributed to an IRA in 2000. The amount of their
contributions totaled $36.5 billion (an average of $2,412 per
taxpayer), of which $12.3 billion was tax-deductible.
Courtesy IRS
Published TaxMama.com 7.30.04
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