IRA Stampede

Taxpayers race the deadline

The annual April 15 rush to the post office to mail 1040 forms was rivaled last week by another race. Hundreds of thousands of taxpayers inundated financial institutions with applications for Individual Retirement Accounts. Dean Witter Reynolds kept brokers working until 9 every night and answered thousands of questions over a 24-hour telephone hot line. Last Wednesday alone, 7,100 Dean Witter customers opened new IRAs. Exulted Vice President Joseph Hamm: "It's been absolutely crazy."

Under a change in the law passed in 1981, all taxpayers can deduct up to $2,000 from their taxable income if the money is deposited...

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