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Portfolios 204: Primer to Individual Retirement Accounts

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1.
What is the name for the party that holds funds you contribute to your IRA?
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Custodian. When holding funds, the party is referred to as a custodian.
2.
The contributions you make to a traditional IRA may be eligible for tax deduction.
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True. There may be limits on how much is deductible, but the eligibility exists in traditional IRAs.
3.
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.
4.
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.
5.
You can generally have both a Roth and a traditional IRA.
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True. However, you will be penalized if you exceed the yearly contribution limit.