DEFINITION of 'Revoked IRA'
An IRA holder may revoke an IRA within the 7 days after the IRA is established. When an IRA holder elects to revoke the IRA, the full amount contributed to the IRA must be returned to the IRA holder.
BREAKING DOWN 'Revoked IRA'
When an IRA is revoked, no fees or losses can be deducted from it by the financial institution.