Quiz Yourself with These IRA Questions!Submitted by Madison Planning Group on July 10th, 2017
Quiz Yourself with These IRA Questions!
After you’ve answered the questions below, scroll down to see the answers and see how well you know your stuff!
1) Of Roth IRAs, Roth 401(k)s and inherited Roth IRAs, which, if any, are subject to required minimum distributions?
2) Technically speaking, what does IRA actually stand for?
3) Which type of account(s) hold more of American’s retirement money today; IRAs OR 401(k)s, 403(b)s and all similar defined contribution plans combined?
4) Of the following, which is the only permissible transaction?
a. A direct rollover from a 401(k) to an IRA that includes an undistributed RMD
b. A rollover to a SIMPLE plan of a traditional IRA 18 months after the SIMPLE plan was established
c. A rollover of Roth IRA funds into a Roth 401(k)
d. An IRA-to-IRA transfer of funds that includes an undistributed RMD
5) On what six days of the year are there no 70 ½ birthdays?
6) If one IRA owner leaves Station A on a train traveling east at 65 miles per hour and another IRA owner leaves Station B… just kidding! Skip to the answers below and see how you did!
1) Roth 401(k)s and inherited Roth IRAs
2) Individual Retirement Arrangement!
4) d) An IRA-to-IRA transfer of funds that includes an undistributed RMD
5) March 31, May 31, August 30, August 31, October 31 and December 31.