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which of the following statements comparing traditional and roth iras is false? multiple choice contributions to traditional iras may be deductible; contributions to roth iras are nondeductible. individuals may have to pay a premature withdrawal penalty from either type of ira. individuals who have reached age 72 must begin liquidating either type of ira. for a 57-year old individual, the maximum allowable contribution to either type of ira is $7,000.

Respuesta :

The following statements comparing Traditional and Roth iras is False

Individuals who have reached age 72 must begin liquidating either type of IRA.

Hence, option C is correct.

  • A Traditional IRA versus a Roth IRA? The same contribution levels as Traditional IRAs are permitted for Roth IRAs.
  • However the contribution is never tax deductible (which is usually the case with a Traditional IRA).
  • The key benefit is that distributions to the owner and beneficiary are tax-free. For contributions to a Roth IRA, no tax deduction is provided; all contributions are made using after-tax money.
  • The fact that an IRA (traditional or Roth) offers tax-free growth on your investments means that you won't pay taxes on dividends or capital gains while the investments are in your account. This is one of the largest benefits of an IRA.

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