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1.
The earnings of an IRA include all of the following except _______.
The money you paid into the IRA. This money is a contribution, rather than earnings.
2.
Which of the following is not an exception to the 10 percent early withdrawal penalty for IRAs?
First-time automobile expenses. First-time home purchases, however, are allowed.
3.
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.
4.
Which of the following is not an option for taking IRA distributions?
Systematic loan payments. Payments may not be made as loans.
5.
The annuity method provides only for the distribution of dividends.
False. The money it takes from a fund includes principal as well as all earnings.