Which of the following statements comparing traditional and Roth IRAs is false?
A) For a 57-year old individual, the maximum allowable contribution to either type of IRA is $6,500.
B) Contributions to traditional IRAs may be deductible; contributions to Roth IRAs are nondeductible.
C) Individuals who have reached age 70½ must begin liquidating either type of IRA.
D) Individuals may have to pay a premature withdrawal penalty from either type of IRA.
Correct Answer:
Verified
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