Which of the following statements is (are)true with regard to IRAs?
I.Contribution limits are higher for workers aged 50 and older.
II.The minimum distribution rules after attainment of age 70.5 do not apply to Roth IRAs.

Question

Quizplus · Accepted Answer

I is true, as workers aged 50 and older are allowed to make catch-up contributions to their IRAs, in addition to the regular contribution limits.

II is also true, as Roth IRAs do not have minimum distribution rules, meaning that the account holder is not required to take a certain amount of money out of the account each year after age 70.5, unlike traditional IRAs.

Which of the Following Statements Is (Are)true with Regard to IRAs