individual retirement account (IRA)
Definition
Tax-deferred retirement schemes that can be started by anyone who earns employment income. Individuals who earn less than a certain amount (or who do not participate in their employer's retirement plan) can generally deduct a part or all of their contribution to such schemes from their taxable income. Money in an IRA is taxed only when it is withdrawn.
individual retirement account (IRA) is in the Accounting & Auditing and HR, Teams, & Training subjects.
individual retirement account (IRA) appears in the definitions of the following terms: Keogh plan, tax deferred savings and controlled foreign corporation (CFC)
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