Since a Contribution to an IRA Is a Voluntary Action

question 27

True/False

Since a contribution to an IRA is a voluntary action, a taxpayer may withdraw amounts from an IRA at any time without penalty.

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Definitions:

Declarative Memory

A type of long-term memory that involves the conscious recall of facts and events.

Procedural Memory

The type of long-term memory responsible for knowing how to perform different actions and skills, essentially the memory of how to do certain things.

Recognition

The cognitive process of identifying previously encountered information, objects, or situations.

Implicit Memory

A type of memory that allows individuals to perform tasks without conscious awareness of these previous experiences, such as riding a bike.