Wyden proposals focus on “mega Roth IRAs” - KPMG United States
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Legislative update: Wyden proposals focus on “mega Roth IRAs”

Wyden proposals focus on “mega Roth IRAs”

Senate Finance Committee ranking member Ron Wyden (D-OR) released a discussion draft of legislation, the “Retirement Improvements and Savings Enhancements (RISE) Act” that would intend to help more taxpayers save for retirement, and address strategies referred to as “mega Roth IRAs”.


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As noted in the Finance Committee release, a recent GAO report found that between 2,000 and 5,000 taxpayers had balances in IRA accounts, including Roth IRAs, of more than $5 million in 2011. The estimated value of those Roth IRAs totaled between $8 billion and $13 billion. “Mega Roth IRAs” are often the result of an account holder seeding an account with specially-acquired assets that appear to be worth very little before exploding in value. The RISE Act would prohibit further contributions to a Roth IRA if its total value exceeds $5 million.

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