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individual retirement account |
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individual retirement account (IRA), n a savings certificate exempt from income tax until the time of withdrawal. There are limits to the amount that can be saved annually under this plan, and there are conditions of withdrawal for maximal interest and tax advantage. |
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? Mentioned in | ? References in periodicals archive | |
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| Source Income Subject to Withholding, Schedules K-1, or possibly certain Forms 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, and 5498, Individual Retirement Arrangement Contribution Information. The fee for determination letter requests for certain employee plan terminations was lowered from $450 to $375 and the former $1,000 fee for certain opinion letter requests from individual retirement arrangement sponsors in the employee master plans and prototype program was cut in half, to $500. The 15% excise tax applied to excess distributions from qualified retirement plans, tax-sheltered annuities and individual retirement arrangements (IRAs). |
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