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Retirement Intermediate: The Roth IRA

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1.
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.
2.
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.
3.
The contribution limit to a Roth IRA is _______ that of the traditional IRA.
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Equal to. The two IRAs share the same contribution limit.
4.
Which of the following may not be used to hold a Roth IRA?
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A collection of rare stamps. Collectibles are not allowed as Roth IRA investments.
5.
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.