25 May Question 1. If a married taxpayer is an active participant in
Question
1. If a married taxpayer is an active participant in another qualified retirement plan, the traditional IRA deduction phaseout begins at $96,000 of AGI for a joint return in 2014.
a. True
b. False
2. If an individual is ineligible to make a deductiblecontribution to a traditional IRA, nondeductiblecontributions of any amount can be made to a traditional IRA.
a. True
b. False
3. The maximum annual contribution to a Roth IRA for an unmarried taxpayer who is age 35 is the smaller of $5,500 or the individual’s compensation for the year.
a. True
b. False
4. Contributions to a Roth IRA can be made up to the due date (excluding extensions) of the taxpayer’s income tax return.
a. True
b. False
5. An individual, age 40, who is notsubject to the phase-out provision may contribute a nondeductibleamount to a Roth IRA up to $5,500 per year in 2014.
a. True
b. False
6. A participant who is at least age 59 1/2 can make a tax-free qualified withdrawal from a Roth IRA after a five- year holding period.
a. True
b. False
7. Distributions from a Roth IRA that are subject to taxation are treated first as from earnings and last as from contributions.
a. True
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