What INDIVIDUAL RETIREMENT ARRANGEMENT (IRA) means: An individual retirement arrangement is a trust set up to receive retirement contributions of individuals. The arrangement may be in the form of an individual retirement account or individual retirement annuity. The amount that may be contributed is limited. Amounts earned in the IRA are not taxed until they are withdrawn.
- Definition Income:
- Dictionary income," in its broad sense, is the gain derived from capital, labor, or a combination of the two. It is distinguishable from the capital itself. Ordinarily, for income tax purposes, the word individual retirement arrangement (ira) definition.
- Definition Intangible Personal Property:
- Dictionary Property, other than real property, with no intrinsic value; its value lies in the rights conveyed. Examples include cash, insurance, stock, goodwill, and patents individual retirement arrangement (ira) explain.
- Definition Investment Interest:
- Dictionary Investment interest is interest paid on money borrowed to purchase or hold investment property. Investment interest is deductible as an itemized deduction to the extent of net investment income individual retirement arrangement (ira) what is.
- Definition Itemized Deductions:
- Dictionary expenditures allowed by the tax Code as deductions from adjusted gross income. Examples are certain medical expenses, qualified interest on home mortgages, and charitable contributions. Itemized individual retirement arrangement (ira) meaning.
How works Individual Retirement meaning in Tax definitions I .
