Which of the Following Statements Regarding IRAs Is False

question 96

Multiple Choice

Which of the following statements regarding IRAs is false?

• A)Taxpayers who participate in an employer-sponsored retirement plan may be allowed to make deductible contributions to a traditional IRA.
• B)The ability to make deductible contributions to a traditional IRA and nondeductible contributions to a Roth IRA may be subject to phase-out based on modified AGI.
• C)A taxpayer may contribute to a traditional IRA in 2020 but deduct the contribution on her 2019 tax return.
• D)Taxpayers who have made nondeductible contributions to a traditional IRA are taxed on the full proceeds when they receive distributions from the IRA.

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Definitions:

Asthma

A chronic inflammatory disease of the airways characterized by variable and recurring symptoms, reversible airflow obstruction, and bronchospasm.

Acetylcholine

A neurotransmitter involved in many functions including muscle movement and memory, acting as a chemical messenger in the nervous system.

CNS

The central nervous system, comprising the brain and spinal cord, which functions as the primary control center for processing and responding to neural information.

Neurotransmitter

A neurotransmitter is a chemical substance that transmits signals across a synapse from one neuron to another neuron or to an effector cell (like a muscle or gland).