Individual Retirement Arrangement

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Individual Retirement Arrangement

Description and Definition of Individual Retirement Arrangement (IRA)

A retirement account to which $2,000 or 100% of the compensation you earned during the year, whichever is less, may be contributed annually. Deductions for the contribution are restricted if you are covered by a company retirement plan or if your income is above a certain level. Earnings accumulate tax free on IRA contributions. In most cases there is a penalty for withdrawing funds before you reach age 59-1/2.

Resources

See Also

Further Reading

Related Entries in the American Tax Encyclopedia:

  1. Rollover
  2. Simplified Employee Pension Plan
  3. Qualified Domestic Relations Order
  4. Tax-sheltered Annuity
  5. Incentives
  6. Deferred Account
  7. Individual Retirement Account
  8. 401 (k) Plan
  9. Individual Retirement Account Rollover
  10. Defined-contribution Plan
  11. 1099-INT
  12. Keogh Plan
  13. Reimbursement Account
  14. Self-directed Ira
  15. Individual Taxpayer Identification Number
  16. Take-or-pay Arrangement
  17. Golden Parachute Arrangement
  18. Cash Or Deferred Arrangement
  19. Qualified Foster Individual
  20. Early Retirement Benefits
  21. Retirement Income
  22. General Retirement System
  23. Multiple Retirement Ages
  24. Early Retirement
  25. Employer Retirement Plan

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