1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Data on Contributions to Individual Retirement Accounts (IRAs) August 12, 2021 Individuals can save for retirement in two types of tax-advantaged accounts: defined contribution (DC) and individual retirement accounts (IRAs
2、). DC plans are employer-sponsored retirement plans in which contributions from a worker, the employer, or both are placed in an individual account. Individuals with wage income can also contribute to IRAs, which are privately held retirement savings accounts. Contributionsand any investment earning
3、sin DC accounts and IRAs can be used as a source of income in retirement. Both DC accounts and IRAs may accept rollovers. Rolloverstransfers of funds from one retirement account to anotherpreserve the tax advantages of retirement savings. This Insight provides Internal Revenue Service (IRS) data on
4、contributions to IRAs in 2018. Congress has an interest in contribution data because (1) the tax expenditures for retirement plans (estimated to be $23.8 billion for IRAs and $153.6 billion for DC plans in FY2020) are one of the largest categories of revenue losses attributable to provisions in the
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