By Paula Aven Gladych
The end-of-year fair market value of IRAs
reported by about 54.4 million taxpayers was roughly $5 trillion in 2010.
During that year, three-quarters of all taxpayers were eligible to contribute to an individual retirement account, according to the Internal Revenue Service’s Statistics of Income Bulletin, which examined tax returns from 2011. Of the 3.5 million taxpayers who made IRA contributions, 62 percent were over the age of 50.
filed 145.4 million individual tax returns for 2011, an increase of 1.7 percent from tax year 2010. The adjusted gross income reported on these returns totaled $8.4 trillion, a 3.5 percent increase from 2010. Taxable income rose 4.4 percent to $5.7 trillion for 2011.
The IRS also pointed out that since 2002, the number of partnerships increased at an average annual rate of 4.4 percent. For tax year 2011, a total of 3.3 million partnerships filed federal tax returns, reporting $20.6 trillion in total assets and $580.9 billion in total net income or profit.
Originally published on BenefitsPro.com