Individual Retirement Account Ira

Definition of "Individual retirement account (ira)"

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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