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[individual retirement account]
: an account in which a person may deposit up to a stipulated amount each year and that is not taxable until retirement or early withdrawal NOTE: Deposits to an IRA may not be completely or partially deductible from adjusted gross income if one's income exceeds a set level.
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.