Understanding IRAs

Understanding IRAs

8th - 12th Grade

12 Qs

quiz-placeholder

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Understanding IRAs

Understanding IRAs

Assessment

Quiz

Social Studies

8th - 12th Grade

Practice Problem

Medium

Created by

Michelle Thomas

Used 3+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum annual contribution limit for a traditional IRA?

$8,000

$7,500

$6,500

$5,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key tax benefit of a traditional IRA?

Tax-free growth

Tax-deductible contributions

Tax-free withdrawals

No contribution limit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When do you have to pay taxes on the money withdrawn from a traditional IRA?

When you contribute

When the account grows

When you withdraw during retirement

Never

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key tax benefit of a Roth IRA?

Tax-deductible contributions

Tax-free growth and withdrawals

No contribution limit

Tax-free contributions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At what age does the example suggest starting to max out contributions to a Roth IRA?

20

25

30

35

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much would you have by age 65 if you max out your Roth IRA contributions starting at age 25?

$1.5 million

$1.6 million

$1.7 million

$1.8 million

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of IRA allows tax-free withdrawals during retirement?

Neither

Both Traditional and Roth IRA

Roth IRA

Traditional IRA

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