An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. In this case, the original owner of the IRA has passed away and the IRA money has been transferred to the beneficiary in the form of the decedent IRA. Irish Republican Army, republican paramilitary organization seeking the establishment of a republic, the end of British rule in Northern Ireland, and the reunification of Ireland. These plans are for business owners or self-employed individuals. What does IRA stand for? It was created in 1919. IRA does NOT technically stand for individual retirement account. What does IRA stand for? IRA stands for Indian Removal Act of 1830. A decedent IRA is an inherited IRA. A rollover IRA may be categorized as a traditional IRA, but it may also be categorized as a Roth IRA. An individual retirement arrangement, or IRA, is a type of investment or savings account that comes with tax benefits to help you save for retirement. Reporting . SEP IRA stands for Simplified Employee Pension Individual Retirement Account. Similar to Traditional IRA rules, the lump-sum option does not require you to set up a separate account; beneficiaries of a Roth IRA may receive all assets in the Roth BDA IRA at once. With that said, let's discuss what each of these three little words means in a little more detail. Anyone can participate in a SEP IRA as long as they are over 21 years of age, make at least $600 in … Like all good names in the software industry, it started as an in-house code name. This definition appears somewhat frequently and is found in the following Acronym Finder categories: Military and Government; See other definitions of IRA. Information for spousal and non-spousal IRA beneficiaries. An IRA is a retirement savings account with special tax-sheltered status that allows an investor to buy a wide variety of investments such as equities or real estate. If you don't believe me, just check out IRS Publication 590. Asset Information Reporting Codes for Form 5498; Form 5498 Errors by IRA Trustees, Issuers and Custodians May Cause Tax Trouble; SEP and SIMPLE IRA Plans Instead, the IRA stands for Individual Retirement Arrangement. When looking at your IRA, it may be titled with an "FBO" before your name, which means "for benefit of." Learn more about the IRA, including its history. Other Resources: Saver's Credit Individuals may be able to take a tax credit of up to $1,000 if they make eligible contributions to an IRA. List of 357 IRA definitions. We originally used Bugzilla for bug tracking and the developers in the office started calling it by the Japanese name for Godzilla, Gojira (the original black-and-white Japanese Godzilla films are also office favourites).   Roth IRAs also allow for tax-free and penalty-free withdrawals as long as the account is at least five years old and the original owner is at least 59.5. Suggest new definition. Top IRA abbreviation meanings updated March 2021 It's right there on the cover.
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