Revoked IRA

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.

RELATED TERMS
  1. Disclosure Statement

    1. A document explaining the rules of an IRA in plain, nontechnical ...
  2. Individual Retirement Account - ...

    An investing tool used by individuals to earn and earmark funds ...
  3. Traditional IRA

    An individual retirement account (IRA) that allows individuals ...
  4. IRA Rollover

    A transfer of funds from a retirement account into a Traditional ...
  5. IRS Publication 590: Individual ...

    A document published by the Internal Revenue Service (IRS) that ...
  6. IRA Transfer

    The transfer of funds from an Individual Retirement Account (IRA) ...
Related Articles
  1. Retirement

    Traditional IRAs: Eligibility Requirements

    By Denise ApplebyWho Can Establish a Traditional IRA?Any individual who has taxable compensation or self-employment income (earned by sole proprietors and partners) for the year, and will not ...
  2. Professionals

    IRA Rules and Regulations

    Series 6, IRA Rules and Regulations. In this section: IRA Contribution Catch-Ups, IRA Rollover and Transfer Rules, Penalties for Early Withdrawals from and Excess Contributions to IRAs
  3. Taxes

    Roth IRA Vs. Traditional IRA

    Learn more about the differences between a Roth IRA and traditional IRA.
  4. Professionals

    IRA Rules and Regulations

    FINRA/NASAA Series 26 Section 4 - IRA Rules and Regulations. In this section IRA contributions and catch-ups, rollover and transfers, penalties for early withdrawals from and excess contributions ...
  5. Retirement

    5 Secrets You Didn't Know About Traditional IRAs

    A traditional IRA gives you a current-year tax benefit and future years of tax savings – minus the income restrictions that limit who can have a Roth IRA.
  6. Professionals

    Individual Plans

    Individuals may set up a retirement plan for themselves that are qualified and allow contributions to the plan to be made with pre-tax dollars. Individuals may also purchase investment products ...
  7. Professionals

    Traditional IRAs

    Series 6, Traditional IRAs. This section is about IRA and Traditional IRA, which includes Spousal IRA and required minimum distributions (RMDs).
  8. Retirement

    Traditional IRAs: Contributions

    By Denise ApplebyFunding an IRA A Traditional IRA can be funded by several sources and means: Regular IRA contributions Spousal IRA contributions Transfers Rollover contributions Regular IRA ...
  9. Products and Investments

    7 Top IRA Strategies for Your Clients

    With IRA season in full swing, advisors should consider these seven strategies for clients.
  10. Professionals

    IRA Contributions, Accounts And Investments

    Contributions to IRA’s must be made by April 15th of the following calendar year, regardless of whether or not an extension has been filed by the taxpayer. Contributions may be made between ...
RELATED FAQS
  1. How do I open an IRA?

    Opening a Roth or Traditional IRA online with a minimal deposit takes less than 15 minutes when starting an account with ... Read Answer >>
  2. Can I hold multiple IRAs?

    IRAs are investments made to plan for retirement, which offer certain tax advantages, depending on the type, and often matching ... Read Answer >>
  3. Can an IRA be used as security for a loan?

    The IRS prohibits the use of an IRA as security for a loan. If an individual borrows money against his or her IRA, the IRA ... Read Answer >>
  4. How does an IRA grow over time?

    Learn how the magic of compounding helps grow individual retirement accounts, or IRAs. IRAs are one of the most proven options ... Read Answer >>
  5. Can I have a self-directed IRA or Roth IRA using the forex market?

    In the U.S., one of the best ways for individuals to protect their income from taxes and save for retirement is by using ... Read Answer >>
  6. My 80-year-old mother used her Roth IRA assets to make an $11,000 annual gift tax ...

    Under the current version of the law, any IRA or Roth IRA assets that are gifted while the IRA owner is alive are considered ... Read Answer >>
Hot Definitions
  1. Goodwill

    An account that can be found in the assets portion of a company's balance sheet. Goodwill can often arise when one company ...
  2. Return On Invested Capital - ROIC

    A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. ...
  3. Law Of Demand

    A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer ...
  4. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  5. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center