1.

Which IRA related penalty/excise tax is 50%

Select one:

a. Failure to contribute to your IRA

b. Withdrawing from an IRA prematurely

c. Failure to meet required minimum distributions

2.

Which of the following is true? (This is from some of the reading of the IRS publications)

I. The Roth IRA is never a useful tool for college planning because you cannot withdraw the money prior to age 59 without a penalty

II. A withdrawal from an IRA before age 59 is not taxable as long as the proceeds are used for qualified higher education expenses

Select one:

a. I only

b. II only

c. I and II

d. Neither is true