A new report from the Government Accountability Office (GAO) zeroes in on so-called “mega IRAs.” This is the name given to IRAs that have grown into seven figures or higher on a tax-deferred basis.
Using figures from the 2011 tax year, the GAO says an estimated 600,000 taxpayers had aggregate IRA balances exceeding $1 million. About 6,000 to 10,000 taxpayers had aggregated IRA balances of $5 million to $10 million and 700 to 1,000 taxpayers had more than $10 million.
Senator Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, has pledged support for legislation that would curtail big IRAs. However, the new Congress is likely to be cool to the idea. Stay tuned, we will keep you posted on any developments.
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