| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 1,885,131,668 visitors served. |
|
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
Individual Retirement Annuity |
Also found in: Acronyms | 0.03 sec. |
|
Individual Retirement Annuity A structure similar to an individual retirement account, with the key difference being that the contributions invested are not actively managed. Individual retirement annuities have the same contribution limits and tax advantages as individual retirement accounts. The annuities are purchased from an insurance company and are invested according to some defined scheme. Individual retirement annuity. An individual retirement annuity is one type of individual retirement arrangement. It resembles the better-known individual retirement account in most ways, such as annual contribution limits, catch-up provisions if you're 50 or older, and withdrawal requirements. In addition, the two share a common acronym -- IRA -- and come in three varieties: traditional nondeductible, traditional deductible, and Roth. The key difference between the two is that with an individual retirement account you may invest your contributions in any of the alternatives available through your account custodian. With an individual retirement annuity, your money goes into either a fixed or variable annuity offered by the insurance company you have chosen as custodian. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
|
| ? Mentioned in | ? References in periodicals archive | ||
|---|---|---|---|
| Originally enacted as part of the Pension Protection Act of 2006, section 408(d)(8) of the Internal Revenue Code (the "Code") provides that individuals who are age 70 1/2 or older can distribute up to $100,000 of their Individual Retirement Account ("IRA") or Individual Retirement Annuity balance to charitable organizations without recognizing income or taking a charitable deduction. An IRA could mean two things, it could be an Individual Retirement Account or it could also be an Individual Retirement Annuity. Distributions from a qualified plan other than an IRA or individual retirement annuity qualify for this exception only if they begin after the employee separates from the employer's service (IRC section 72(t)(3)(B)). |
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|---|