1. Generally, the advantages of a Qualified Retirement Plan include all of the following except:

Group of answer choices

a. Growth and earnings are tax deferred.

b. An income tax deduction for contributions is always available.

c. Tax rates may decrease before distributions, thus the deferred earnings may be subject to a lower tax.

d. Qualified Retirement Plan assets are afforded additional protection in bankruptcy.

2.Contributions to a Traditional IRA are always tax deductible

True

False

3.If an individual contributes to an employer sponsored Qualified Retirement Plan, he/she may not contribute to a Traditional IRA

True

False

4.If an individual has a Traditional IRA and a Roth IRA, he/she may contribute twice the IRA limit to their accounts each year.

True

False

5.Distributions from a Traditional IRA:

1. Are fully taxable
2. May never be made prior to age 59
3. Must be made once an individual reaches age 70

a.1 only

b.I and 2

c.1 and 3

d.1, 2, and 3