IRA Quiz - Test your individual retirement accounts knowledge

IRA Quiz

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Question 1: Which of the following is not a characteristic of a Roth IRA?
Contributions to the account are not tax deductible.
Qualified distributions from the account are not taxable.
Earnings on the account are taxable only when a withdrawal is not a qualified distribution.
An Roth IRA needs to be set up with a life insurance company through the purchase of an annuity contract.

Question 2: What is the IRA 2009 contribution limit for someone 60 years old?
$5000
$6000
$7000
$8000

Question 3: What is the Simple IRA 2009 contribution limit for someone 34 years old?
$8,500
$9000
$11,500
$18,000

Question 4: Someone 30 years of age, with a 2008 income of $155,000 and filling taxes as single,
can contribute $5,000 to a Roth IRA.
can contribute $2,500 to a Roth IRA.
can contribute $6,000 to a Roth IRA.
none of the above.

Question 5: A Simple IRA is:
A traditional IRA set up by a small employer for a firm's employees.
An IRA with simplified rules.
An IRA acquired by the non-spousal beneficiary of a deceased IRA owner.
None of the above.

Question 6: An IRA distribution may be comprised of:
Earnings
Additional contributions
Regular contributions
All of the above

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