Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
individual retirement account.
A savings or brokerage account to which a person may contribute up to a specified amount of earned income each year ($2,000 under current law). The contributions, along with any interest earned in the account, are not taxed until the money is withdrawn after a participant reaches 59'k (or before then, if a 10% penalty is paid). - Abbr. IRA.