Category: Tax Questions
Reporting an IRA
An Individual Retirement Arrangement, or IRA, is a Personal Savings Plan which allows taxpayers to set aside money for retirement, while offering them tax advantages. The taxpayer may be able to deduct some or all of their contributions to an IRA. Amounts in an IRA, including earnings, generally are not taxed until distributed. IRAs cannot be owned jointly, however, any amounts remaining in an IRA upon the taxpayer's death can be paid to the beneficiary or beneficiaries.
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Last Updated: 6/3/2014