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Portfolios 204: Primer to Individual Retirement Accounts

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1.
A collection of valuable, vintage, handmade Elvis memorabilia is allowed as an IRA investment.
Choose wisely. There is only one correct answer.
False. Collectibles are not allowed as IRA investments.
2.
Which of the following may not be used to hold a Roth IRA?
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A collection of rare stamps. Collectibles are not allowed as Roth IRA investments.
3.
The party that holds funds you contribute to your IRA is called the collection agent.
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False. It is called the custodian.
4.
In a _______ individual retirement account, the money you contribute to it has already been taxed.
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Roth. Your contributions come out of your net pay, meaning they have already been taxed.
5.
The traditional individual retirement account has all of the following characteristics except for ______.
Choose wisely. There is only one correct answer.
Contributions that are never tax-deductible. They can be if certain conditions are met. It is the Roth IRA whose contributions are never deducted from taxable income.