IRA

1 of 2

noun

ˌī-(ˌ)är-ˈā  ˈī-rə 

plural IRAs

: a retirement savings account in which income taxes on certain deposits and on all gains are deferred until withdrawals are made

IRA

2 of 2

abbreviation

Irish Republican Army

Examples of IRA in a Sentence

Abbreviation

a representative of the IRA

Recent Examples on the Web

Noun

And then, in the IRA, the Inflation Reduction Act, there’s also all of this money that can be used by the Bureau of Land Management, which is the Forest Service’s sister agency, for road restoration. —Chris Klimek, Smithsonian Magazine, 18 Apr. 2024

The downturn of German industry was as much to blame for the flight of capital to the States and Joe Biden’s Inflation Reduction Act (IRA), which offered strong subsidies to incoming businesses. —Ryan Hogg, Fortune Europe, 11 Apr. 2024

Additionally, exploring Roth IRA options allows for tax-free growth on contributions. —Ebony Flake, Essence, 11 Apr. 2024

But Harris faces a daunting political challenge in the coming months; a general election in Ireland must be held by late March 2025, and Fine Gael is trailing in opinion polls to the Irish republican group Sinn Fein, which was once the political wing of the Irish Republican Army (IRA). —Rob Picheta, CNN, 9 Apr. 2024

The funds that earned the match must be kept in the account for at least 5 Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax years to avoid a potential Early IRA Match Removal Fee. —Stephanie Tsai, The Hollywood Reporter, 8 Apr. 2024

Over the past five decades, workers and employers have gradually shifted from traditional pensions to modern 401(k) and IRA plans. —Daniel De Visé, USA TODAY, 31 Mar. 2024

But the most terrifying person on screen is Kerry Condon, playing the steely IRA warrior Doireann McCann (possibly inspired by the notorious Dolours Price), the leader of the gang who has brought her cohort to Glencolmcille. —Katie Walsh, Los Angeles Times, 30 Mar. 2024

Vermont doesn’t offer incentives for installing photovoltaic panels, but the IRA extended the 30 percent federal tax credit through 2032, bringing our eventual outlay to $22,236. —Tik Root, Grist, Quartz, 29 Mar. 2024

Word History

Etymology

Noun

initialism from individual retirement account or individual retirement arrangement

First Known Use

Noun

1974, in the meaning defined above

Legal Definition

IRA

noun

ˌī-ˌär-ˈā, ˈī-rə 

: 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.

Etymology

Noun

individual retirement account