Economic Growth And Tax Relief Reconciliation Act of 2001 (EGTRRA)
A U.S. tax law, effective for tax years beginning 2002, that made some of the most important changes to retirement plans, including increased contributions and deductibility limits for IRA and employer-sponsored plans, and expanded the portability rules for retirement plans in general. EGTRRA also increased the estate-tax exclusion and increased the generation-skipping transfer-tax exemption amounts. Investopedia Says:
Many of the changes brought about by EGTRRA are scheduled to sunset in 2010. This means that unless new laws are passed to extend these provisions, things will revert to the way they were before EGTRRA. Taxpayers would do well to take advantage of as much of the EGTRRA provisions as they can before the provisions sunset. Related Terms:
401(k) Plan
403(b) Plan
Catch-Up Contribution
Estate Planning
KSOP
Pension Protection Act Of 2006 - PPA
Qualified Retirement Plan
Roth IRA
Traditional IRA
Transfer |