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Revoked IRA

Revoked IRA Definition

Revoked IRA is an individual retirement account in which employees save money in a tax-deferred retirement plan. Withdrawals at retirement are taxable. An IRA holder may revoke an IRA within 7 days after it is set up. If the holder decides to cancel the IRA, all funds contributed must be paid back to the holder, the financial institution may not charge any cancellation or other penalty fees or losses.







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