IRA Quiz

You cannot contribute to an IRA if you've already maxed out your 401k for the year.

• True

• False

You can contribute to both a Roth IRA and a Traditional IRA in the same tax year.

• True

• False

Married couples that file jointly can combine their IRA funds into a jointly funded spousal IRA.

• True

• False

You can begin withdrawing IRA funds in retirement at age 62, the same age you can start collecting Social Security.

• True

• False

You can withdraw Roth IRA funds at any time without incurring tax or penalty.

• true

• False

It does not matter what income level you are at, you can contribute to an IRA.

• True

• False

The 2019 maximum IRA contribution is $6,000 with a catch-up contribution of an additional $1,000 for those over 50.

• True

• False

You must contribute to an IRA in order to receive the Retirement Savings Contribution Credit.

• True

• False

The deadline to contribute to IRA’s is December 31 (the final day of that calendar year).

• True

• False

Traditional IRA’s give you tax benefits now while Roth IRA’s give you tax benefits in retirement.

• True

• False