Individual retirement account

An individual retirement account^[1] (IRA) in the United States is a form of pension^[2] provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement^[3] as described in IRS Publication 590, Individual Retirement Arrangements (IRAs).^[4] Other arrangements include employer-established benefit trusts and individual retirement annuities,^[5] by which a taxpayer purchases an annuity contract or an endowment contract from a life insurance company.^[6]

^ See subsection (a) of 26 U.S.C. § 408 and the Treasury regulation at 26 C.F.R. sec. 1.408-2.
^ See paragraph 37 of subsection (a) of 26 U.S.C. § 7701.
^ See 26 C.F.R. sec. 1.408-4.
^ "Publication 590: Individual Retirement Arrangements (IRA)" (PDF). Internal Revenue Service. 2012. p. 8.
^ See, generally, subsection (b) of 26 U.S.C. § 408 and 26 C.F.R. sec. 1.408-3.
^ "Traditional IRAs". Internal Revenue Service website. Retrieved 2012-12-10.

[1] See subsection (a) of 26 U.S.C. § 408 and the Treasury regulation at 26 C.F.R. sec. 1.408-2.

[2] See paragraph 37 of subsection (a) of 26 U.S.C. § 7701.

[3] See 26 C.F.R. sec. 1.408-4.

[autogenerated45-4] "Publication 590: Individual Retirement Arrangements (IRA)" (PDF). Internal Revenue Service. 2012. p. 8.

[5] See, generally, subsection (b) of 26 U.S.C. § 408 and 26 C.F.R. sec. 1.408-3.

[IRS,1-6] "Traditional IRAs". Internal Revenue Service website. Retrieved 2012-12-10.

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