W04 Study & Quiz_ IRA_ Personal Finance

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Brigham Young University, Idaho *

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433

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Finance

Date

May 30, 2024

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pdf

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8

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W04 Study & Quiz: IRA Due May 16 at 11:59pm Points 20 Questions 20 Available after May 4 at 12am Time Limit None Instructions Task: Study these materials about IRAs and then take a quiz . Purpose: Understand the definition and power of IRAs. Instructions 1. Complete the readings: Traditional IRA (http://www.investopedia.com/university/retirementplans/ira/) (Five sections) ROTH IRA (http://www.investopedia.com/university/retirementplans/rothira/) (Five sections) Roth 401(k) Fact Sheet (https://byui.instructure.com/courses/294268/pages/roth-401-k-fact-sheet) SIMPLE IRA (http://www.investopedia.com/university/retirementplans/simpleira/) (Five sections) SEP IRA (http://www.investopedia.com/university/retirementplans/sepira/) (Five sections) Coverdell ESA (http://www.investopedia.com/university/retirementplans/esa/) (Four sections) 529 College Savings Plan (http://www.investopedia.com/university/retirementplans/529plan/) (Six sections) IRA Fact Sheet (https://byui.instructure.com/courses/294268/files/128080304?wrap=1) (https://byui.instructure.com/courses/294268/files/128080304/download?download_frd=1) Millionaire Next Door: The Surprising Secrets of America's Wealthy (https://ebookcentral.proquest.com/lib/byui/detail.action?docID=867833) NOTE : Taking notes during this reading assignment will help you as you create a summary of concepts at the end of the semester. 2. View the video or PowerPoint: IRA and other forms of tax-advantaged savings accounts (https://video.byui.edu/media/B433_L04_IRA/0_lbbs2o23) (11:14 mins, "IRA and other forms of Tax-Advantage Savings Accounts" Transcript (https://docs.google.com/document/d/e/2PACX-1vTLHI-5L- 9vHDjuvwWLCeCZU8KKGWrB20HLE8orusCyPR2woihlUnt0j5fP4G3N33IkDN3JnLjj_LRN/pub) ) 5/15/24, 6:45 PM W04 Study & Quiz: IRA: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591719 1/8
Attempt History Attempt Time Score LATEST Attempt 1 22 minutes 14 out of 20 Correct answers will be available on May 17 at 12am. Score for this quiz: 14 out of 20 Submitted May 15 at 6:45pm This attempt took 22 minutes. Question 1 1 / 1 pts taxable income tax-free income tax-deferred income earned income 0:00 / 9:03 1x 1x (09:03, "IRA and other forms of tax advantaged Savings Accounts (2)" Transcript (https://docs.google.com/document/d/e/2PACX-1vQK1Zr0OfiRnCZxJdiHagYBg4f1hlUdjBbtZuftjFoh0- gQk9x0OdEcPsR3Xl4FC9c_qEmYpT1QGI6w/pub) ) IRA and other forms of tax-advantaged savings accounts (ppt) (https://byui.instructure.com/courses/294268/files/128080336?wrap=1) (https://byui.instructure.com/courses/294268/files/128080336/download?download_frd=1) 3. Complete the IRA quiz. An individual who contributes to a Traditional IRA must demonstrate that he or she has at least the same amount of as the amount contributed to the IRA. 5/15/24, 6:45 PM W04 Study & Quiz: IRA: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591719 2/8
IncorrectQuestion 2 0 / 1 pts Dollar for dollar up to 3% of income. A flat 2% no matter how much the employee contributes. Both of the above. None of the above. IncorrectQuestion 3 0 / 1 pts The individual making the contribution is convicted of a felony. The individual (or household) making the contribution earns household AGI above a specific limit. The individual (or household) making the contribution earns household AGI below a specific limit. Contributions are always tax-deductible. No exceptions. Question 4 1 / 1 pts $6,000 $2,750 $6,000 X her marginal tax rate $0.00 (zero) Question 5 1 / 1 pts tax-deferred tax-free immediately SIMPLE IRAs allow employers to match what percent of employees contribution? Contributions to a traditional IRA may not be tax-deductible in the year the contribution was made under what condition(s)? Susanne makes $400,000 per year in earned income. She contributes $6,000 to a traditional IRA in 2020. What amount of the $6,000 contribution can she deduct from her taxable income in 2020? Withdrawals from a Roth IRA are classified as . 5/15/24, 6:45 PM W04 Study & Quiz: IRA: Personal Finance https://byui.instructure.com/courses/294268/quizzes/4591719 3/8
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