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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!