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Retirement Intermediate: IRA Distributions

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1.
You may not begin taking normal retirement distributions from your IRA until you reach age 59½.
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True. Age 59½ is the minimum allowable age to take normal distributions.
2.
At age 59½, you must begin taking distributions from your individual retirement account.
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False. At 73, you are required to start taking distributions. You have the option of taking them when you reach 59½.
3.
Which of the following is not an option for taking IRA distributions?
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Systematic loan payments. Payments may not be made as loans.
4.
Which of the following is not an exception to the 10 percent early withdrawal penalty for IRAs?
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First-time automobile expenses. First-time home purchases, however, are allowed.
5.
IRA contributions that were not taxed when you made them are taxable when you withdraw them.
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True. They must eventually be taxed.