Retirement
Traditional IRA
Definition
A retirement account that may allow tax-deductible contributions. Earnings grow tax-deferred until withdrawal. Required Minimum Distributions (RMDs) begin at age 73. 2025 contribution limit: $7,000 ($8,000 if age 50+).
Related Terms & Forms
Let TaxScout.ai handle the complexity
AI-powered tax preparation that understands every term, form, and rule.
Request Early Access