Economic Growth And Tax Relief Reconciliation Act of 2001 - EGTRRA


DEFINITION of '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.

BREAKING DOWN 'Economic Growth And Tax Relief Reconciliation Act of 2001 - EGTRRA'

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.

  1. Qualified Retirement Plan

    A plan that meets requirements of the Internal Revenue Code and ...
  2. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  3. Roth IRA

    An individual retirement plan that bears many similarities to ...
  4. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt ...
  5. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  6. Traditional IRA

    An individual retirement account (IRA) that allows individuals ...
Related Articles
  1. Taxes

    3 Retirement Account Rules To Know

    Stay up-to-date on regulation amendments to avoid penalties as well as take advantage of new opportunities.
  2. Mutual Funds & ETFs

    ETFs For Your 401(k)?

    Investor ownership of ETFs has grown a lot over the last decade. Discover how they can fit into your retirement plan.
  3. Taxes

    Dividend Tax Rates: What Investors Need To Know

    Find out how legislation enacted in 2003 is benefiting both investors and corporations, and when it's scheduled to expire.
  4. Taxes

    How To Save More For Your Retirement

    The Economic Growth and Tax Relief Reconciliation Act of 2001 made it easier to prepare for the future. Will you be ready?
  5. Retirement

    Roth 401(k), 403(b): Which Is Right For You?

    Learn how to decide between a 401(k), 403(b) or Roth to help you build your nest egg.
  6. Options & Futures

    Know The Rules For Roth 401(k) Rollovers

    Rolling a Roth 401(k) into a Roth IRA is usually the optimal thing to do.
  7. Retirement

    Transfer Retirement Savings When You Change Jobs

    Half of Americans lose their nest eggs when they switch careers. Learn why you should avoid this trap.
  8. Retirement

    Pension Protection Act Of 2006 Becomes Law

    Learn how the passed bill can help you save more for retirement.
  9. Personal Finance

    Get Ready For The Estate Tax Phase-Out

    Changes to federal legislation will affect how your assets are treated once you're gone - be prepared.
  10. Taxes

    6 Tax Breaks That Anyone Can Claim

    Many can be applied to an individual’s return, and you don’t need to be a financial genius to claim them. Here are six credits or deductions that could be yours for the taking.
  1. How is an SBO-401(k) set up?

    Small Business Owner 401(k) plans have grown in popularity following changes enacted through the Economic Growth and Tax ... Read Full Answer >>
  2. Why were 401(k) plans created?

    As the most widely used and well-known retirement savings plans in the United States, 401(k) plans were the brainchild of ... Read Full Answer >>
  3. Can you have more than one 529A account?

    According to the Achieving a Better Life Experience Act of 2014 (ABLE Act), a disabled person can generally set up only one ... Read Full Answer >>
  4. Are Cafeteria plans taxable?

    Whether the benefits you receive through your employer-sponsored cafeteria plan are taxable depends entirely on which benefits ... Read Full Answer >>
  5. Why is the Cayman Islands considered a tax haven?

    The Cayman Islands is one of the most well-known tax havens in the world. Unlike most countries, the Cayman Islands does ... Read Full Answer >>
  6. Why is Panama considered a tax haven?

    The Republic of Panama is considered one of the most well-established pure tax havens in the Caribbean due to extensive legislation ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Ex Works (EXW)

    An international trade term requiring the seller to make goods ready for pickup at his or her own place of business. All ...
  2. Letter of Intent - LOI

    A document outlining the terms of an agreement before it is finalized. LOIs are usually not legally binding in their entirety. ...
  3. Purchasing Power

    The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing ...
  4. Real Estate Investment Trust - REIT

    A REIT is a type of security that invests in real estate through property or mortgages and often trades on major exchanges ...
  5. Section 1231 Property

    A tax term relating to depreciable business property that has been held for over a year. Section 1231 property includes buildings, ...
  6. Term Deposit

    A deposit held at a financial institution that has a fixed term, and guarantees return of principal.
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!