Individual Retirement Account

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Individual Retirement Account

(IRA), tax-sheltered retirement plan, originally created (1974) to assist individuals not covered by company pensions. Under the U.S. tax law of 1981, IRA provisions were liberalized to allow individuals to contribute up to $2,000 per year (up from $1,500) to such accounts, and coverage was extended to employees already in corporate pension programs. These contributions are deductible from federal income taxincome tax,
assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation.
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 payments. IRA monies may be placed in high-yield investments, with taxation deferred until money is withdrawn after retirement. In 1998, Congress instituted the Roth IRA, in which the earnings are tax-free but there are no tax-deduction benefits for the contributions made each year.
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3 trillion in individual retirement arrangements based on the yearend 2004 fair market value of their plans.
Our discussion of this topic is limited to a review of individual retirement arrangements, payable to named beneficiaries, of accounts that are invested either with banks or other types of financial institutions.
The Pension Protection Act including the temporary rules pertaining to the exclusion from gross income for certain distributions from individual retirement arrangements, enhancements to the rules concerning contributions of inventory, the new law pertaining to recapture of tax benefits derived from certain gifts of tangible personal property, changes in the law concerning contributions for conservation purposes, the new rules as to gifts of fractional interests, the changes in the law concerning appraisals and appraisers, and yes, the rules governing charitable contributions of taxidermy.
408-4(b)(4)(ii), and Publication 590, Individual Retirement Arrangements (IRAs), provide that the rollover limitation is applied on an IRA-to-IRA basis.
Covering recent updates such as the Health Care Law's tax consequences and year-end conversion planning, Richmond and Curfman joined over 200 of the nation's top financial professionals who are dedicated to solving the country's biggest and most complex financial problem — effectively managing the distribution of assets from Individual Retirement Arrangements (IRAs).
There are two types of regular individual retirement arrangements, individual retirement accounts and individual retirement annuities.

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