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1.
You may not begin taking normal retirement distributions from your IRA until you reach age 59½.
True. Age 59½ is the minimum allowable age to take normal distributions.
2.
IRA contributions that were not taxed when you made them are taxable when you withdraw them.
True. They must eventually be taxed.
3.
At age 59½, you must begin taking distributions from your individual retirement account.
False. At 73, you are required to start taking distributions. You have the option of taking them when you reach 59½.
4.
Which of the following is not an option for taking IRA distributions?
Systematic loan payments. Payments may not be made as loans.
5.
When it comes time to withdraw from your IRA for retirement, you can elect an IRA distribution method in which your IRA periodically sells plan assets.
True. It will sell assets and distribute the proceeds to you.