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Retirement Intermediate: The Roth IRA

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1.
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.
2.
Your ability to contribute to a Roth IRA is affected by how much money you earn.
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True. After you have earned a certain amount, your ability to contribute to a Roth IRA becomes limited and eventually stops. The limit varies based on your tax filing status.
3.
IRA funds that are rolled over must be done so within 90 days.
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False. They must be rolled over within 60 days. If they are not, they will lose their tax deferral.
4.
You are required to take Roth IRA withdrawals _______.
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Not at all. You are not required to take distributions from a Roth IRA during your lifetime.
5.
If you are single and you have a traditional IRA account, you are not allowed to have a Roth IRA as well.
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False. You may indeed have both, as long as the total contributions each year do not exceed the maximum allowed.