MyRAs, which are a type of “mini-Roth IRA,” began in a pilot program in 2014 and went nationwide in 2015. However, due to the lack of interest and high cost to U.S. taxpayers in MyRAs, at the of July the Treasury announced (https://www.treasury.gov/press-center/press-releases/Pages/sm0135.aspx). As yet there is no end date to the program, but accounts that have been opened but remain unfunded as of September 15 2017, will be automatically closed beginning around September 18, 2017. Those that have been funded can continue to earn interest and receive additional contributions.
Those with existing MyRAs will be able to:
The Treasury has promised more guidance, and we’ll bring it to you when it becomes available.
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.