The following are tax benefits associated with both traditional IRAs and Roth IRAs:

Question 10 options:

1)	The maximum contribution that can be made in the current tax year is $5,500 if the taxpayer is less than 50 years of age, subject to AGI limitations.

2)	A taxpayer who is over 70 cannot make contributions to the account.

3)	The earnings in a traditional IRA accumulate tax-free but not in a Roth IRA.

4)	The taxpayer may withdraw contributions to pay for qualified higher education expenses but must pay a 10-percent early withdrawal penalty.