Fair market value (1 - 5 of 5 items)
Retirement Security: Improved Guidance Could Help Account Owners Understand the Risks of Investing in Unconventional Assets
GAO-17-102: Published: Dec 8, 2016. Publicly Released: Jan 9, 2017.
Federal data collection efforts to date have captured little information on retirement accounts holding unconventional assets—such as real estate, precious metals, private equity, and virtual currency—making the prevalence of such accounts unknown. In tax year 2015, the Internal Revenue Service (IRS) began requiring that custodians or trustees of individual retirement accounts (IRA)—includin...
Individual Retirement Accounts: IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed
GAO-15-16: Published: Oct 20, 2014. Publicly Released: Nov 19, 2014.
For tax year 2011 (the most recent year available), an estimated 43 million taxpayers had individual retirement accounts (IRA) with a total reported fair market value (FMV) of $5.2 trillion. As shown in the table below, few taxpayers had aggregated balances exceeding $5 million as of 2011. Generally, taxpayers with IRA balances greater than $5 million tend to have adjusted gross incomes greater th...
Individual Retirement Accounts: Preliminary Information on IRA Balances Accumulated as of 2011 [Reissued on October 22, 2014]
GAO-14-878T: Published: Sep 16, 2014. Publicly Released: Sep 16, 2014.
For tax year 2011 (the most recent year available), an estimated 43 million taxpayers had individual retirement accounts (IRA) with total reported fair market value of $5.2 trillion. About 99 percent of those taxpayers had aggregate IRA balances (including inherited IRAs) of $1 million or less. As shown in the table below, few taxpayers had aggregated balances exceeding $5 million as of 2011. Gene...
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans and Survivors Receive Benefits
GAO-12-540: Published: May 15, 2012. Publicly Released: Jun 6, 2012.
The Department of Veterans Affairs (VA) pension program design and management do not adequately ensure that only veterans with financial need receive pension benefits. While the pension program is means tested, there is no prohibition on transferring assets prior to applying for benefits. Other means-tested programs, such as Medicaid, conduct a look-back review to determine if an individual...
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans Receive Benefits
GAO-12-784T: Published: Jun 6, 2012. Publicly Released: Jun 6, 2012.
In summary, we identified over 200 organizations that market financial and estate planning services to help pension claimants with excess assets qualify for pension benefits. These organizations consist primarily of financial planners and attorneys who offer products such as annuities and trusts. All 19 organizations our investigative staff contacted said a claimant can qualify for pension benefit...