Traditional versus Roth IRA 6. Fill out the following information regarding traditional and Roth IRAs: (0.5 pts each, 3 pts total) Traditional IRA Roth IRA Are contributions deductible? Y / N Y / N. Are earnings in the account taxable when earned? Y / N Y / N Are qualified distributions taxable? Y / N Y / N 7. In each scenario below, the taxpayer wants to contribute to an IRA account. Which type of IRA, traditional or Roth, would you suggest? (circle one) (0.5 pts each, 1.5 pts total) The taxpayer's current marginal tax rate is 35%, and they expect Traditional or Roth their marginal tax rate to be 15% when they retire. They do not have the funds to max out their current year contribution and would use any tax benefit from the contribution to increase the size of their contribution The taxpayer had non-refundable credits that went partially un-used Traditional or Roth for the current tax year. Because the taxpayer has unused non- refundable credits, their current marginal tax rate is essentially 0%. The taxpayer expects their current and future marginal tax rate to be Traditional or Roth the same. If there were any tax savings from their contribution, they would likely spend it on a vacation