Publication 535 |
2001 Tax Year |
Individual Retirement Arrangement (IRA)
An individual retirement arrangement (IRA) is a personal savings
plan that allows you to set aside money for your retirement or for
certain education expenses. You do not have to set up IRAs for your
employees or make contributions for them. You may be able to deduct
your contributions, depending on the type of IRA and your
circumstances. Generally, amounts in an IRA, including earnings and
gains, are not taxed until they are distributed. In certain cases,
your earnings and gains may not be taxed at all if they are
distributed according to the rules. For more information on IRAs, see
Publication 590.
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