
Understanding IRAs
Authored by Michelle Thomas
Social Studies
8th - 12th Grade
Used 3+ times

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When do you have to pay taxes on the money withdrawn from a traditional IRA?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