Which of the Following Statements Regarding Individual Retirement Accounts (IRAs)

question 55

Multiple Choice

Which of the following statements regarding individual retirement accounts (IRAs) is true?

• A) Traditional IRAs can be opened by anyone with a modified adjusted gross income (MAGI) of more than $50,000.
• B) A 10% tax penalty applies to any funds withdrawn from a traditional IRA before 70½.
• C) Withdrawals from Roth IRAs are tax free, so long as the account has been open for 5 years and the individual is past the age of 59½.
• D) It is not possible to convert a traditional IRA to a Roth IRA.
• E) Contributions made to traditional IRAs are made with after-tax dollars.

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Definitions:

Identity Integration

The process of synthesizing and harmonizing various aspects of one’s personal, social, and cultural identities into a cohesive self-concept.

Identity Confusion

A state in which an individual experiences uncertainty, ambivalence, or conflict regarding their personal identity or sense of self.

Sexual Identity

An individual's understanding and personal sense of their own sexuality, including the recognition of their sexual orientation, preferences, and roles.

Homophobia

The fear, hatred, or prejudice against homosexuals or homosexuality.