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  IndividualRetirementAccount

Sigma KEE - IndividualRetirementAccount
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
individual retirement account
A tax-deferred retirement account for an individual that permits individuals to set aside up to $2,000 per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn.
Relationships      
Parents pension plan A qualified retirement plan set up by a corporation, labor union, government, or other organization for its employees. Examples include profit-sharing plans, stock bonus and employee stock ownership plans, thrift plans, target benefit plans, money purchase plans, and defined benefit plans.
  personal account This is the class of personal accounts, as opposed to CorporateAccounts.
  savings account An account in a bank on which interest is usually paid and from which withdrawals can be made usually only by presentation of a passbook or by written authorization on a prescribed form.
Children rothIRA accountAn individual retirement account in which a person can set aside after-tax income up to a specified amount each year. Earnings on the account are tax-free, and tax-free withdrawals may be made at retirement age.


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