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What do you know about IRAs?

With this IRA, taxes are paid when funds are invested (contributed), and there is not a requirement for when withdrawal must begin.
Roth IRA
Traditional IRA
_______________ is when no taxes are due until the required time and the payments are held off.
Tax recoil
Tax-deferred
Absention
Tax flight
All individual retirement accounts are tax-free.
True
False
You can withdraw money from an IRA anytime you want with no financial penalty.
True
False
Once you reach age 70 1/2, withdrawals must begin with a ____________ .
Traditional IRA
Roth IRA
IRA contribution limits may increase or remain steady from one calendar year to the next.
True
False
As long as there is earned income, you can contribute to this IRA at any age.
Traditional IRA
Roth IRA
An IRA account is related to your employer in the same way a 401(k) is employer-sponsored.
True. Both IRAs and 401(k)s are employer-sponsored.
False. An IRA is not related to your employer.
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