### Question
How does NORMAL TAXES AND SURTAXES define individual retirement account?


### Answer
Under *26 U.S.C. § 408*, **individual retirement account** is defined as:

> a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following requirements:


(1) Except in the case of a rollover contribution described in subsection (d)(3) in [1](#408_1_target) section 402(c), 403(a)(4), 403(b)(8), or 457(e)(16), no contribution will be accepted unless it is in cash, and contributions will not be accepted for the taxable year on behalf of any individual in excess of the amount in effect for such taxable year under section 219(b)(1)(A)

#### Citation:
  - *26 U.S.C. § 408*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter D-Deferred Compensation, Etc. > PART I-PENSION, PROFIT-SHARING, STOCK BONUS PLANS, ETC. > Subpart A-General Rule**

