Individual Retirement Account Ira

Definition of "Individual retirement account (ira)"

Rick Markussen
  Realty Partners LLC

Traditional fund under the tax reform act of 1986 into which any individual employee can contribute up to $2000. Unemployed spouses may contribute up to $2000 even if the working spouse does not make a contribution. However, income level and eligibility for an employee pension plan determine whether or not the employee's contribution or a percentage is tax deductible.

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