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Revoked IRA

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Revoked IRA

An IRA holder may revoke an IRA within the 7 days after the IRA is established. When an IRA holder elects to revoke the IRA, the full amount contributed to the IRA must be returned to the IRA holder.

Notes:

When an IRA is revoked, no fees or losses can be deducted from it by the financial institution.

See also: Defined Benefit Plan, Defined Contribution Plan, IRA

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