Which of the following statements regarding a traditional individual retirement account (IRA) is NOT correct? IRAs are available to anyone younger than age 70 with earned income, but deductible contributions are limited for individuals who are also covered under an employer- sponsored retirement plan. A 10% penalty is assessed on any distribution from an IRA before age 59 %. Assuming that only tax-deductible contributions were made into the IRA, 100% of distributions from it are treated as taxable income. Distributions must begin from an IRA by April 1 of the year follovng the IRA owner's attainment of age 70%