What is an IRA?
An IRA is an individual retirement account created by the Taxpayer Relief Act of 1997. IRA accounts are traditionally used as retirement savings accounts. They allow limited contributions to be made throughout the tax year and can be withdrawn within five years after establishing the account, provided you are aged 59 1/2 or older. Distributions are generally tax-free after meeting minimum aging requirements.
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Related Questions
- How much can I contribute to my IRA?
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