Which of the Following Statements Regarding IRAs Is False

question 151

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 2021 but deduct the contribution on her 2020 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:

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