Deductible IRA

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Definition: Deductible IRA

Deductible IRA
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Full Definition of Deductible IRA

A traditional individual retirement account (IRA) to which an individual may make tax-deductible contributions. This approach provides an immediate benefit in reducing the tax burden for a given year by allowing investment of pre-tax dollars. However, the withdrawals are treated as taxable income and distribution is forced at the IRS’ predefined retirement age.

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https://payrollheaven.com/define/deductible-ira/
Modern Language Association (MLA):
Deductible IRA. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/deductible-ira/.
Chicago Manual of Style (CMS):
Deductible IRA. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/deductible-ira/ (accessed: April 19, 2024).
American Psychological Association (APA):
Deductible IRA. PayrollHeaven.com. Retrieved April 19, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/deductible-ira/

Definition Sources

Definitions for Deductible IRA are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.