::I disagree that 'account' is correct. It should be listed as an 'arrangement'. Go to the irs.gov website and search for IRA, everything that comes up defines it as an "Individual Retirement Arrangement".  See topic 451 which states (copy/paste)Topic 451 - Individual Retirement Arrangements (IRAs)  An individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. You may be able to deduct some or all of your contributions to your IRA. Amounts in your IRA, including earnings, generally are not taxed until distributed to you. IRA's cannot be owned jointly. However, any amounts remaining in your IRA upon your death can be paid to your beneficiary or beneficiaries.