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 can not be owned jointly However any amounts remaining in your IRA upon your death can be paid to your beneficiary or beneficiaries