Publication 590

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You Are Here: Main Page > Tax Research Resources > Forms & Publications > Publication 590

Individual Retirement Arrangements (IRAs)


This publication discusses individual retirement arrangements (IRAs). An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement.

What are some tax advantages of an IRA? Two tax advantages of an IRA are that:

  • Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and
  • Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. In some cases, amounts are not taxed at all if distributed according to the rules.

What's in this publication? This publication discusses traditional, Roth, and SIMPLE IRAs. It explains the rules for:

  • Setting up an IRA,
  • Contributing to an IRA,
  • Transferring money or property to and from an IRA,
  • Handling an inherited IRA,
  • Receiving distributions (making withdrawals) from an IRA, and
  • Taking a credit for contributions to an IRA.

It also explains the penalties and additional taxes that apply when the rules are not followed. To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication.

How to use this publication. The rules that you must follow depend on which type of IRA you have. Use Table I-1 to help you determine which parts of this publication to read. Also use Table I-1 if you were referred to this publication from instructions to a form.


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