Individual Retirement Account

Individual Retirement Account

About Individual Retirement Account:

Individual Retirement Account (IRA) is a trust fund to which any individual employee can contribute up to $2,000 per year. However, income level and eligibility for an employee pension plan determine whether or not the employee's contribution is tax- deductible. The employee may not take a deduction for an IRA contribution if he or she is an active participant in any qualified plan and the Adjusted Gross Income is $25,000 or more for a single individual or $40,000 or more for a married couple filing jointly. Former IRC (check if this IRC provision is current here) §219. For a meaning about Individual, see single taxpayer.

Individual Retirement Account (IRA)






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