Which of the Following Statements Regarding Individual Retirement Accounts (IRAs)

Multiple Choice

Which of the following statements regarding individual retirement accounts (IRAs) is true?

A) Traditional IRAs can be opened by anyone with a modified adjusted gross income (MAGI) of more than $50,000.
B) A 10% tax penalty applies to any funds withdrawn from a traditional IRA before 70½.
C) Withdrawals from Roth IRAs are tax free, so long as the account has been open for 5 years and the individual is past the age of 59½.
D) It is not possible to convert a traditional IRA to a Roth IRA.
E) Contributions made to traditional IRAs are made with after-tax dollars.