FREE IRA Basic Skills Question and Answers

Question 1

True or False: Married individuals who file jointly with their spouse may combine their IRA assets into a jointly funded spousal IRA.

Accepted Answer

False

Answer

True

Question 2

True or False: Anyone can make contributions to an IRA, regardless of their income level.

Accepted Answer

False

Answer

True

Question 3

True or False: If your 401(k) has been maxed out, you cannot contribute to an IRA.

Accepted Answer

False

Answer

True

Question 4

True or False: To qualify for the Retirement Savings Contribution Credit, you must make IRA contributions.

Accepted Answer

False

Answer

True

Question 5

True or False: At age 62, when you can start receiving Social Security benefits, you can start taking withdrawals from your IRA.

Accepted Answer

False

Answer

True

Question 6

True or False: While Roth IRAs offer tax benefits in retirement, traditional IRAs offer tax benefits now.

Accepted Answer

True

Answer

False

Question 7

True or False: You are allowed to make contributions to both a Traditional IRA and a Roth IRA in the same year.

Accepted Answer

True

Answer

False