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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements comparing traditional and Roth IRAs is false?
1) Contributions to traditional IRAs may be deductible; contributions to Roth IRAs are nondeductible.
2) For a 57-year old individual, the maximum allowable contribution to either type of IRA is $7,500.
3) Individuals who have reached age 72 must begin liquidating either type of IRA.
4) Individuals may have to pay a premature withdrawal penalty from either type of IRA.
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