Which of the following statements concerning traditional IRAs and Roth IRAs is True?
A) A taxpayer may contribute to a Roth IRA at any age but a taxpayer is not allowed to contribute to a traditional IRA after reaching 70½ years of age.
B) The annual contribution limits for a traditional IRA and Roth IRA are the same.
C) Taxpayers with high income are allowed to contribute to traditional IRAs but not to Roth IRAs.
D) All of the choices are True.

Question

Quizplus · Accepted Answer

Both traditional IRAs and Roth IRAs have the same annual contribution limits. Taxpayers with high income are allowed to contribute to both traditional IRAs and Roth IRAs, but the amount they can contribute to a Roth IRA is phased out at higher income levels.

Which of the Following Statements Concerning Traditional IRAs and Roth