Introduction

An individual retirement arrangement (IRA) is a personal savings plan that offers you tax advantages to set aside money for your retirement or, in some plans, for certain education expenses.

This chapter discusses:

1. The rules for a traditional IRA (those that are not Roth, SIMPLE, or education IRAs),
2. The Roth IRA, which features nondeductible contributions and tax-free distributions, and
3. The education IRA, which can be set up to finance higher education expenses.

Simplified Employee Pensions (SEPs) and Savings Incentive Match Plans for Employees (SIMPLEs) are not discussed in this chapter. For more information on these plans and employees’ SEP-IRAs and SIMPLE IRAs that are part of these plans, see Publication 590.

Publication

• 590 - Individual Retirement Arrangements (IRAs) (Including Roth IRAs and Education IRAs)

Form (and Instructions)

• 5329 - Additional Taxes Attributable to IRAs, Other Qualified Retirement Plans, Annuities, Modified Endowment Contracts, and MSAs
• 8606 - Nondeductible IRAs

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