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A tax sheltered annuity is a deferred tax arrangement expressly granted by Congress in IRC Section 403(b). An employee can exclude from his or her gross income, within limits, the contributions paid to an annuity for the employee’s retirement or amounts paid to a custodian for the purchase of stock in regulated investment companies. The plan may be used by only certain employers. An employee generally must report the payments received under the contract or custodial account as taxable income.

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