The Individual Retirement Account, known as IRA, is a wonderful thing. It allows you to get an income tax deduction on page 1 of form 1040 (U.S. Individual Income Tax Return). And, the money is still yours!When you withdraw money from the regular IRA account, it is taxable as ordinary income. By waiting to withdraw money, you postpone taxation, sometimes for many years. In the meantime, the money is invested and the size of the account grows.Unfortunately, there are many special tax rules about regular IRA accounts. Some of those tax rules are illustrated by the following questions and answers.Question: …