A taxpayer who is under 50 years of age and not an active participant in a retirement plan may make a contribution of up to $6,000 to an IRA, subject to the earned income limitation.

True

False

Which of the following is not an exception to the 10% early withdrawal penalty of a traditional IRA:

a.Paying the costs of higher education, including tuition, fees, books, and room and board for a dependent child

b.Using the withdrawals for medical expenses in excess of 10 percent of their AGI, for persons younger than 59 years old

c.Withdrawing up to $30,000 of first-time home-buying expenses

d.Over 59 years old