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. Estate Planning

    The collection of preparation tasks that serve to manage an individual's ...
  2. Qualified Retirement Plan

    A plan that meets requirements of the Internal Revenue Code and ...
  3. Traditional IRA

    An individual retirement account (IRA) that allows individuals ...
  4. 401(k) Plan

    A qualified plan established by employers to which eligible employees ...
  5. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  6. 403(b) Plan

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

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    Funds from a Flexible Spending Account (FSA) can be used to cover costs associated with installing, maintaining and removing ... Read Full Answer >>
  5. Does QVC charge sales tax?

    QVC, an American TV network, is registered with states to collect sales or use tax on taxable items. QVC is also required ... Read Full Answer >>
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