Money Quiz

IRA Quiz

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

Press the Submit button to see the results.

External IRA Resources

IRA web page from Wikipedia
Retirement Plans Information from the IRS