individual retirement account

A savings or brokerage account to which a person may contribute up to a specified amount of earned income each year.

• The contributions, along with any interest earned in the account, are not taxed until the money is withdrawn after a participant reaches 59 1/2 (or before then, if a 10% penalty is paid). — Abbr. IRA. Cf. KEOGH PLAN. [Cases: Internal Revenue 3594. C.J.S. Internal Revenue §§ 206–208, 319–326.]

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词条贡献者

双语律师Nanda，国际知名法学院国际法专业，擅长翻译各类与生物医学诉讼相关的法律文件。