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Portfolios 203: 403(b) Plans

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1.
If you participate in a 403(b) plan and you also have an individual retirement account, you might not be able to deduct your IRA contributions from your taxable income.
Choose wisely. There is only one correct answer.
True. The law limits how much you may deduct from your taxable income when you participate in an employer-sponsored retirement plan.
2.
Your employer may match the contributions you make to a Roth 403(b) plan.
Choose wisely. There is only one correct answer.
True. Your employer may; however, the matches will be pre-tax.
3.
Taxes are deferred on contributions to a 403(b) plan until _______.
Choose wisely. There is only one correct answer.
The individual begins making withdrawals. Age and retirement do not affect the tax status.
4.
There are exceptions to the 60-day rule for 403(b) plan rollovers.
Choose wisely. There is only one correct answer.
True. If you can prove hardship to the IRS, you may be given longer than 60 days to complete a rollover in limited situations.
5.
Who of the following would not be able to participate in a 403(b) plan?
Choose wisely. There is only one correct answer.
A clerk at a highly profitable software firm. Only employees of non-profit companies may participate.