2006-11-10 14:20:43 · 8 answers · asked by Clarence J 1 in Business & Finance ➔ Personal Finance
Individual Retirement Account. It is where you save for retirement, you can also get a tax break on your deposits. Also, if you get a Roth IRA you pay taxes now based on your tax bracket. If you get a regular IRA you pay taxes on the funds when you withdraw them.
2006-11-10 14:23:24 · answer #1 · answered by totalstressor 4 · 0⤊ 0⤋
IRA - Individual Retirement Account
2006-11-10 14:22:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
An IRA is an individual retirement account. At least that's the only IRA that I'm familiar with.
2006-11-10 15:06:05 · answer #3 · answered by Love 1 · 0⤊ 0⤋
i think your referring to an "individual retirement account". if you are in business for yourself you can contribute i think its $3000. a year to it without that amount being taxed. but at your retirement when you use your ira, it will be taxed at that time. you may be making a lot less then so the tax imposed on you will not be a high rate as it is today.
2006-11-10 14:26:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may save money for your retirement, and you don't pay any taxes on that income now.....when you take the money out...at retirement you have it there...and are in a lower tax bracket, so you pay less taxes.
It's a way you save your money......for YOUR benefit.
It's a great way ...and it works...and banks and credit unions have tons of ways to save it and invest it for you...and the IRS keeps the paperwork until you retire...so everyone keeps track of your money, the credit union, you ...and of course the IRS.
The banks and credit unions have the papers to start one anytime you feel ready.
GOOD luck..
2006-11-10 14:52:44 · answer #5 · answered by May I help You? 6 · 0⤊ 0⤋
Individual Retirement Account. SAVING for retirement AND NOT PAYING TAXES ON THAT MONEY NOW,
TAXES DEFERRED TILL YOU START DRAWING THAT MONEY AFTER RETIREMENT.
2006-11-10 15:17:30 · answer #6 · answered by cork 7 · 0⤊ 0⤋
individual retirement account
2006-11-10 14:30:47 · answer #7 · answered by ted c 1 · 0⤊ 0⤋
INDEPENDENT RETIREMENT ACCOUNT OR THE IRISH REPUBLICAN ARMY
GOD BLESS
2006-11-10 14:23:59 · answer #8 · answered by thewindowman 6 · 0⤊ 0⤋