Author Question: All of the following are circumstances under which withdrawals from a traditional IRA may be made ... (Read 53 times)

nmorano1 · **on:** Jul 11, 2018

All of the following are circumstances under which withdrawals from a traditional IRA may be made prior to age 59.5 without incurring a substantial penalty EXCEPT

A) The withdrawal is in substantially equal installments paid over the individual's life expectancy.
B) The withdrawal is used to pay living expenses after unemployment insurance benefits cease.
C) The distribution is to the beneficiary of a deceased IRA owner.
D) The withdrawal is because of income needed due to the individual's disability.

Question 2

Which of the following statements is (are) true with regard to IRAs? I. Contribution limits are higher for workers aged 50 and older. II. The minimum distribution rules after attainment of age 70.5 do not apply to Roth IRAs.

A) I only
B) II only
C) both I and II
D) neither I nor II