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  1. Home ›
  2. Glossary ›
  3. Individual Retirement Account (IRA)
Tax Term

Individual Retirement Account (IRA)

In one sentence: A personal retirement account with tax advantages.

What it means

2024 contribution limit: $7,000 ($8,000 if 50+). Traditional contributions may be deductible; Roth contributions aren't but qualified withdrawals are tax-free.

← Independent Contractor Individual Taxpayer Identification Number (ITIN) →

Related terms

  • Imputed Income
  • Imputed Interest
  • Income Averaging
  • Independent Contractor
  • Individual Taxpayer Identification Number (ITIN)
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