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1. Which of the following is true of Roth IRAs
I. The investment growth in the account is typically subject to tax when withdrawn
II. Participating in a pension plan may impact your ability to make a contribution
III. Your AGI may affect your ability to make a contribution
IV. If you do not have earned income, you may still be able to make a contribution if you are married to someone with earned income
Select one:
a. I and II only
b. III only
c. III and IV only
d. IV only
e. I, II and IV
2.
Which of the following is true of Traditional IRAs
I. Contributions are always tax deductible
II. The annual contribution limit is $3,000
III. You can contribute after age 75 if you have earned income
IV. You must begin taking distributions by April 1 of the year following the year in which you turn 72.
Select one:
a. I and II only
b. III only
c. III and IV only
d. IV only
e. I, II and IV
Answer & Explanation
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