Which of the following statements is correct regarding traditional and Roth IRAs? Given a $6,000 contribution cap, you are permitted to contribute $6,000 to your traditional IRA and $6,000 to your Roth IRA in the same year. You are required to take minimum distributions from both traditional and Roth IRAs once you reach age 72. If your income is below the phase-out, then contributions to both traditional and Roth IRAs qualify as above-the-line tax deductions. Qualified withdrawals from a Roth IRA are tax-free, while withdrawals from a traditional IRA are taxed as ordinary income