22. Is the following correct concerning Roth Ira's    A. Contributions made to your Roth ira are made with after tax dollars.   B contribution made to Roth IRA are made with pre-tax dollars.   C. You can withdraw contributions made to your Roth IRA at any time tax and penalty free.

In a Traditional IRA or 401(k): O A. Contributions are tax deductible B. Withdrawals in retirement are taxable OC. Neither A nor B O D. Both A & B

In a ROTH IRA or 401 (k): O A. Contributions are NOT tax deductible in the year they are made B. Withdrawals are tax free as long as they are held for at least 5 years and you are at least 591/2 years old C. Neither A nor B D. Both A & B

3

1.

Which of the toliowing types of interest is not taxable in the year it is posted to the taxpayer's account? Select one O a Interest on a savings account OD interest on an investment account Oc Imterest on an IRA O d. interest on ife insurance proceeds remaining with the insurance company

T w up Question 33 of 50. Which of the following statements about traditional IRAs is TRUE? O Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an IRA. Taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA. Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA. Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA. Mark for follow up Question 34 of 50.

A6)

The 0.9 percent Medicare tax applies to: a.Earned income b.Tax exempt income c.Gain on the sale of a principal residence d.IRA distributions

Which of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct question Alimony paid Child care deductions Health insurance premiums paid by self-employed individuals Traditional IRA contributions Moving expenses